@article{ART003349457},
author={Cha, Eun Soo and Ro, Seung Han},
title={Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2026},
volume={36},
number={2},
pages={47-65}
TY - JOUR
AU - Cha, Eun Soo
AU - Ro, Seung Han
TI - Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul
JO - Korea Real Estate Review
PY - 2026
VL - 36
IS - 2
PB - korea real estate research institute
SP - 47
EP - 65
SN - 2092-5395
AB - This study examines the factors influencing hotel survival in Seoul during the COVID-19 pandemic, focusing on 187 business hotels (2- to 4-star). Due to strict personal data protection regulations in Korea, which restrict access to detailed operational indicators, this study uses the most recent available dataset from December 2018. This dataset is then linked to outcomes of hotel closures or conversions observed through July 2025. A Cox proportional hazards model analyzes how operational performance, building characteristics, and locational attributes affected hotel survival during an unprecedented external shock.
The findings indicate that chain-affiliated hotels with on-site restaurants are significantly less likely to close or convert functions. Larger gross floor area, higher occupancy rates, and higher average daily rates improve survival probabilities. In contrast, hotels located in the historic Four Gates area faced a higher risk of land-use conversion than those elsewhere. This finding suggests that heightened redevelopment pressure in the urban core and external shocks such as the COVID-19 pandemic may have accelerated the functional transition of hotels within the Four Gates area. Moreover , greater distance from airport limousine bus stops led to lower hazard rates during the pandemic.
These findings offer valuable insights into sustainable hotel operations, considerations of highest and best use, and redevelopment strategies for urban hotel assets in Seoul under external shocks, offering policy and investment insights for post-pandemic real estate markets.
KW - Hotel Survival Factors;Cox Proportional Hazards Model;COVID-19;Use Conversion;Highest and Best Use (HBU)
DO -
UR -
ER -
Cha, Eun Soo and Ro, Seung Han. (2026). Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul. Korea Real Estate Review, 36(2), 47-65.
Cha, Eun Soo and Ro, Seung Han. 2026, "Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul", Korea Real Estate Review, vol.36, no.2 pp.47-65.
Cha, Eun Soo, Ro, Seung Han "Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul" Korea Real Estate Review 36.2 pp.47-65 (2026) : 47.
Cha, Eun Soo, Ro, Seung Han. Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul. 2026; 36(2), 47-65.
Cha, Eun Soo and Ro, Seung Han. "Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul" Korea Real Estate Review 36, no.2 (2026) : 47-65.
Cha, Eun Soo; Ro, Seung Han. Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul. Korea Real Estate Review, 36(2), 47-65.
Cha, Eun Soo; Ro, Seung Han. Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul. Korea Real Estate Review. 2026; 36(2) 47-65.
Cha, Eun Soo, Ro, Seung Han. Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul. 2026; 36(2), 47-65.
Cha, Eun Soo and Ro, Seung Han. "Determinants of Hotel Use Conversion During the COVID-19 Period : A Cox Proportional Hazards Analysis of Hotels in Seoul" Korea Real Estate Review 36, no.2 (2026) : 47-65.
