Fairmont, Four Seasons, etc. raise prices for the new year… “Influence of raw materials and labor costs”
Grand Hyatt Jeju, 30% reduction… “On the level of overseas integrated resorts”
Luxury hotels in Seoul have been raising the prices of their buffet restaurants since the beginning of the year. The explanation is that this is an inevitable adjustment due to the recent price increase.
According to the hotel industry on the 6th, ‘Spectrum’, a buffet restaurant at Fairmont Ambassador Seoul located in Yeouido, Seoul, raised the price of the buffet on weekends and holidays by 5.4% to 195,000 won from the 3rd.
This is a 10,000 won increase from the existing weekend price of 185,000 won. The weekday lunch price was raised from 135,000 won to 145,000 won, and the weekday dinner price was raised from 160,000 won to 170,000 won.
Four Seasons Hotel Seoul, a 5-star hotel located in Gwanghwamun, Seoul, also raised the price of its buffet. The price of the weekday lunch buffet at Four Seasons ‘The Market Kitchen’ is 165,000 won, up 5,000 won from the previous 160,000 won. The dinner price also increased from 180,000 won to 185,000 won.
Weekend and public holiday brunch and dinner prices were increased by 9,000 won from 180,000 won to 189,000 won.
Courtyard Marriott Seoul Namdaemun, a 4-star hotel in Seoul, also raised the price of its buffet ‘Momo Cafe’ since last December.
Weekday lunch prices increased from 69,000 won to 75,000 won, and weekday dinner and weekend prices increased from 99,000 won to 105,000 won. Courtyard Namdaemun plans to maintain this price increase until this year.
An official in the hotel industry explained, “Recently, raw material prices and prices have risen a lot, and labor costs have also risen, so we have inevitably had to adjust the prices at buffet establishments.”
Glad Yeouido’s buffet restaurant ‘Grits’, which is considered a ‘cost-effective hotel buffet in the 50,000 won range’ in Yeouido, also recently raised its prices.
The existing weekday lunch price of Gritz was 59,000 won for adults, but the price was raised by 5,000 won to 64,000 won. Weekend lunch and dinner prices increased by 5,500 won from 82,500 won to 88,000 won.
The ticket for unlimited beer was increased by 3,000 won from 12,000 won to 15,000 won per person. The unlimited wine ticket costs 25,000 won, the same as before.
A GLAD official said, “Discount events through Naver reservations, etc. are still being held even after the increase.”
In addition, many luxury hotels are raising their prices one after another as the cost of buffet raw materials increases. In particular, as the price of strawberries, a seasonal winter fruit, has risen since last December, the prices of ‘strawberry buffets’ at major hotels have risen.
The price of Banyan Tree Club & Spa Seoul’s ‘Very Berry Berry Dessert Buffet’ was set at 105,000 won, up 10,000 won from the previous year. ‘Strawberry Studio’ in Seoul Dragon City raised its price by 5,000 won from 90,000 won to 95,000 won.
Despite hotel buffet price increases, restaurant reservation rates remain high. An official at Courtyard Namdaemun said, “Despite the buffet price increase in December, most of the rooms were fully booked by the end of the year.”
Meanwhile, amidst the price increase trend, there are hotels that have drastically lowered their buffet prices, attracting attention.
Grand Hyatt Jeju’s ‘Grand Kitchen’, operated by Lotte Tourism Development (032350), reduced the price of its premium dinner buffet in January to 99,000 won. This is about a 30% discount from the existing price of 140,000 won.
Breakfast and lunch prices were maintained at 60,000 won and 68,000 won, respectively.
An official from Lotte Tourism Development said, “We maintained the existing quality, but adjusted the price to the buffet price of major global hotels and casino complex resorts such as Shanghai, Tokyo, and Macau.”
(Seoul = News 1)