Jnit:KRW10O million(LHS),Thousandssq.m.(RHS) Korea's hotel investment market, which relies heavily on foreign visitors, is Following intermittent large-scale deals between 2016 and 2019, transaction volume reached record highs in 2021 and 2022. However, there are limitations to interpreting this as organic market growth. This is because a large number of those transactions hotel operations. Subsequently, the market underwent a sharp adjustment in 2023 as The recovery momentum established in 2024 gained further traction in 2025, driving sustained growth across the market. Successful disposals of assets in core tourism districts—such as Myeongdong, Hongdae, and Namdaemun—-proved market liquidity. This suggests that the current momentum is more than just a cyclical rebound; rather, physical assets based on hotel operating income. In 2026, activity is expected to center on 3- to 4-star hotels as major ongoing deals reach completion alongside the strategic liquidation of assets owned by conglomerates. diversified alternative investments, hotels are projected to emerge as a key pillar of