Resort

A resort is a lodging establishment located in markets where the demand primarily comes from those visiting for leisure or recreational purposes. Their operations are centered around a variety of leisure activities.
Dictionary Definition
A resort refers to a place visited for leisure or recreational activities, such as relaxation or sports.
Customary Definition
A resort is a lodging properties situated in markets where the majority of demand is driven by leisure or recreational visits.
Source: STR Glossary
Lobin Commentary

The term resort is not defined by law but is used in the lodging market as a general term for lodging establishments that operate in a specific manner. However, because there are no separate facility and registration standards, the facility composition and operation systems differ by country.

Generally, the term resort is used in two ways.

First, in a narrow sense, it refers to a lodging establishment located in a resort area. For example, the ‘Four Seasons Resort Orlando at Walt Disney World Resort’ is a lodging establishment near the large resort area of Disney World in Orlando, USA.

In Korea, the type of lodging establishment most similar to a resort in the narrow sense is a timeshare. For instance, the ‘Kensington Resort Seorak Beach’ is a timeshare located near the Bongpo Beach resort area in Goseong.

In the case of timeshares, the name often includes the word ‘condo,’ with ‘resort’ being the next most common. However, the type of lodging establishment most frequently classified and distributed as a resort, whether in the name or in distribution channels, is residential lodging, which has a larger supply than timeshares.

Second, in a broader sense, it refers to a lodging establishment that, along with accommodation, includes large-scale leisure facilities, thereby functioning as a resort destination itself. For example, ‘Atlantis Bahamas’ is a large resort in the Bahamas, Caribbean, featuring five lodging establishments, a water park, natural and artificial beaches, and a dolphin show venue.

In Korea, ‘general resorts’ are the type of lodging establishment most similar to a resort in the broader sense. For example, ‘Vivaldi Park’ is a general resort that includes 19 timeshares, one tourist hotel, a water park, a ski resort, and a golf course.

Although the name of general resorts rarely includes the word ‘resort,’ they are mostly classified and distributed as resorts in distribution channels.

Resorts commonly employ separate ownership or membership-based operations. Peak demand is concentrated during vacation seasons, resulting in significant seasonality in cash flow, and the concentration can be impacted by various factors, leading to high risk. To mitigate this cash flow risk, separate ownership and membership-based operations are widely used.

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Data Source

  • GDP: GDP, Current $US (World Bank Open Data)
  • Establishments: Compendium of Tourism Statistics (UNWTO), Lodging Business Ledger (MOIS)
  • Rooms: Compendium of Tourism Statistics (UNWTO), Lodging Business Ledger (MOIS)
  • Lodging GDP: Value Added by Industry (BEA), National Accounts (Cabinet Office), GDP of Indonesia (BPS), GDP & GNI by Sector (BOK), Economic Census (KOSIS)
  • Period: 2017-2021

※ In Korea, general & residential accommodations are included while rural & urban minbaks are excluded. Comparable countries are selected based upon availability of lodging GDP statistics for all types of accommodations.

Data Source

  • Population: Population, Total (World Bank Open Data)
  • GDP: GDP, Current $US (World Bank Open Data)
  • Rooms: Compendium of Tourism Statistics (UNWTO), Lodging Business Ledger (MOIS)
  • Lodging GDP: Value Added by Industry (BEA), National Accounts (Cabinet Office), GDP of Indonesia (BPS), GDP & GNI by Sector (BOK), Economic Census (KOSIS)
  • Period: 2017-2021

※ In Korea, general & residential accommodations are included while rural & urban minbaks are excluded. Comparable countries are selected based upon availability of lodging GDP statistics for all types of accommodations.

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Data Source

  • Korea: Lodging Business Ledger (MOIS), Tourist Accommodation Ledger (MCST)
  • USA: Census Database (STR)
  • Period: As at the end of 2021

※ General & residential accommodations other than rural and urban minbaks asre included for Korea. Life cycle was calculated as of December 31, 2021 or actual closure date. If there exists a discrepancy between data sources for an establishment, the discrepancy was settled through an algorithm before use.

Data Source

  • Korea: Lodging Business Ledger (MOIS), Tourist Accommodation Ledger (MCST), Economic Census (KOSIS), Hotel Operating Statistics (KHA), DART (FSS), Trends Report (STR)
  • USA: Compendium of Tourism Statistics (UNWTO), Census Database (STR), Trends Report (STR)
  • Period: 2005-2021

※ General & residential accommodations other than rural and urban minbaks asre included for Korea. Visibility was calculated as the number of establishments for which revenue data is available divided by the total number of establishments. If there exists a discrepancy between data sources for an establishment, the discrepancy was settled through an algorithm before use.

Data Source

  • Guests(Korea): Domestic Traveler Survey (MCST), International Traveler Survey (MCST), Hotel Operating Statistics (KHA)
  • Rooms(Korea): Lodging Business Ledger (MOIS), Tourist Accommodation Ledger (MCST)
  • Guests(USA): Compendium of Tourism Statistics (UNWTO), Trends Report (STR)
  • Rooms(USA): Compendium of Tourism Statistics (UNWTO), Census Database (STR)
  • Period: 2005-2020

※ General & residential accommodations other than rural and urban minbaks asre included for Korea. If there exists a discrepancy between data sources for an establishment, the discrepancy was settled through an algorithm before use.