Following on the great success of the Korea Global Hotel Tour & Seminar in Singapore last year, RCI, the global leader in vacation exchange and part of the Wyndham Worldwide family of brands (NYSE:WYN), recently held its first Tourism Oriented Real Estate Seminar at the Conrad Seoul Hotel in Seoul, Korea.
About 60 key industry stakeholders attended, including Jenny Chong, Country Manager of Hilton Grand Vacations; Choi Young Sik, CEO of Main Plus; Oh In Sub, Senior Managing Director of DAAS C&; Jang Jin Soo, President of HotelAvia and Jonathan Mills, Managing Director of RCI Asia Pacific.
Experienced speakers shared great insights on vacation ownership, explored case studies of successful global vacation ownership projects and discussed how vacation ownership can be introduced into a developer’s recreational real estate offering in Korea.
“The business of travel needs to constantly change and evolve,” said Mills. “Hotels and resorts are being built everywhere — but what makes a developer stand out from its competition is its product offering and whether its business model is sustainable for the long haul. More and more hotel developments around the world are adopting a mixed-use model that has proven to provide a better return on investment.”
In addition to the impactful presentations and interactive Q&A sessions, the conference also provided wonderful networking opportunities for real estate developers and investors, hotel owners and hotel operators.
While there are a few dominant companies in the local vacation ownership space today, vacation ownership is generally still a new concept in Korea. There is tremendous opportunity and potential for its development in Korea, and the Korean government has identified tourism as a major targeted growth industry. Korea’s vacation ownership market is poised for exponential growth in the near future, which will in turn benefit consumers, developers, operators and other complementary industries. Today, RCI has taken the lead to build critical relationships among key stakeholders, and together create abundant commercial opportunities through successful development of the vacation ownership industry in Korea.