SEOUL - August 6, 1998 - Over 20 per cent of all hotels
around the country have either closed or become insolvent, especially since
the IMF bailout program was imposed last year. The Korea Tourist Hotel
Association said over 100 hotels or 22.4 per cent of the total 446 hotels
had either suspended normal operations or were having trouble making ends
meet. In particular, 26 hotels had started to experience difficult times
since the IMF rescue program was instituted. By region, Taejon was hit
hardest with 13 either close to temporary suspension or permanent closures,
followed by North Kyongsang Province with 12, Seoul with 10, Kangwon and
North Chungchong Province with nine each. Pusan had seven such hotels.
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