Article 1. Purpose
Article 2. Definitions
③ “Non-members” mean individuals or corporates who use the “Services” provided to the limited degree at the “Homepage”, without signing up for the membership.
⑤ Any matters not prescribed in these terms and conditions shall be governed by the relevant laws and regulations as well as the operational policies and the guidelines for individual services (hereinafter referred to as the "Detailed Guidelines"). In addition, if these terms and conditions conflict with the contents of the "Detailed Guidelines", the "Detailed Guidelines" apply.
Article 4. Scope of the Services Provided
① The "Services" provided at the “Homepage” by the “Company” are composed of the following items:
- Online Data Services: A 'B2B Cloud Software', providing financial data of lodging properties in Korea on an aggregate market level, while generated on an individual property level by artificial intelligence algorithms, through 'HBI Dashboard', and allowing the "Users" to diagnose and optimize positioning and competitiveness of an individual property, as compared to a customized competitive set of properties.
- Offline Advisory Services: A direct advisory services provided offline by the "Company" in association with lodging business and investment in Korea, based on the Partnership Program and the HBI Dashboard, to diagnose and optimize productivity and efficiency of individual lodging properties, through Project AVE, including project data management services.
- Any other “Services” the “Company” determines to provide at the “Homepage” for the convenience of the “Users” in using the Services, including online contents published by the “Company” in association with the “Services” identified in the Item 1 and 2 above.
② In principle, the "Services" illustrated in Item 1 above shall be provided to the "Members" for charges, while the "Company" may provide certain "Services" to the "Members" or the "Non-members" free of gharge, only for the public benefit or a reference in making the decision for subscription.
Article 5. Interruption of the Services
① The “Company” may suspend the “Services” in the event of the maintenance, repair, exchange, breakdown, or interruption of information communication facilities, such as computers, until the circumstance is resolved.
② The “Company” may redeem the “Members”, who have already paid for the relevant “Services”, for damages caused by such interruption of the “Services”. However, this shall not be applicable only if the “Company” is proved to be responsible for such interruption.
③ If the “Company” is no longer able to provide the “Services” due to change of business or merger with different businesses, the “Company” shall notify the “Members” of discontinuation of the “Services” in accordance with Article 6 hereof. In this case, the "Company" may redeem the “Members” in accordance with any separate agreement, if any, to the extent such discontinuation is caused by willful misconduct or gross negligence by the “Company”.
Article 6. Notification to the Members
① The “Company” may give notifications to the "Member" through the specified email address provided to the “Homepage” at registration.
② If the notifications shall be provided to unspecified number of “Members”, individual notifications can be replaced with posting on the bulletin board at the “Homepage” for at least one(1) week. However, individual notifications shall still be provided for matters that have a significant impact on the transactions between the “Company” and the “Members”.
Article 7. Protection of Personal Information
① The “Company” shall collect personal information at the “Homepage” to the extent it is necessary for providing the “Services” to the “Users”. The following items are required, and the other items are optional.
- Phone number (or a mobile phone number)
- ID (for the “Members”)
- Password (for the “Members”)
- Email address
② When collecting or using the personal information of the “Users”, the “Company” shall notify the purpose to and obtain consents from the “Users” in advance.
③ The “Company” shall not use any personal information for any purposes other than notified to and consented by the “Users”. When a new purpose of use arises or when the personal information is to be provided to a third-party, the “Company” shall notify the “Users” of such and obtain the consent by the “Users” before taking any action. However, this shall not be applicable for the following conditions:
- When it is required for public statistics, academic research, or provided in a form that does not identify a specific individual
- When it is required for the payment in association with transactions of the “Services” in the “Homepage”
- When identity verification is required to prevent misuse, abuse or theft of personal information
- When it is required by the laws and regulations
- When the relevant laws and regulations specified otherwise
④ When the “Company” uses the personal information of the “Users”, the “Company” shall specify or provide information required under the Act on Promotion of Information and Communications Network Utilization and Information Protection, including personal information manager (job title, name, telephone number and contact information), purpose of collection and use, and third-parties using the personal information (recipient, purpose and content), and obtain a prior consent of the “Users” pursuant to Item 2 and Item 3 above. The “Users” may withdraw their consent at any time.
⑤ The “Users” can request access to their personal information held at the “Homepage” and request for correction of errors at any time. The “Company” is obligated to take necessary actions to accommodate such request without delay. If the “Users” request correction of errors, the “Company” shall not use such personal information until the errors are corrected.
⑥ In order to protect the personal information, the “Company” shall limit the number of people who handle the personal information of the “Users” to a minimum, and shall be liable for the User’s damage caused by willful misconduct or gross negligence by the “Company”.
⑦ The “Company” or any third-party who receives personal information from the “Homepage” shall destroy such personal information immediately when the purpose of collection and use of the personal information is achieved.
⑧ The “Company” shall not leave the consent boxes for collecting and using the personal information checked by default. In addition, the “Homepage” shall specify the consequences of not giving the consent, and shall not limit or decline the applications for membership and/or ‘Paid Services’ due to not giving the consent on use of the personal information other than required.
Article 8. Obligations of the Company
② The “Company” shall establish a security system to protect the personal information of the “Users” (including credit card information) so that the “Users” can use the “Services” safely.
③ The “Company” shall be responsible for damages to the “Users” caused by any unfair labeling or unauthorized advertising with regard to the “Services”, as specified in Article 3 of the Act on Fair Labeling and Advertising.
④ The “Company” shall not send commercial advertising emails to the “Users” without the “Users”’ prior consents.
Article 9. Obligations of the Users
The “Users” shall not do the following:
- Use the personal information of the other “Users”
- Change information posted on the “Homepage” without approval of the “Company”
- Send or post information (computer programs, etc.) other than approved by the “Company”
- Infringe intellectual property rights, such as copyrights of the “Company”, the “Homepage” and/or other third-parties, without prior consents by the subject parties
- Damage the reputation of the “Company”, the “Homepage” and/or other third-parties, or interrupt their businesses
- Post obscene or violent messages, images, sounds, or other information that is contradictory to any public order and/or conventions
Article 10. Copyright and Restrictions of Use
① The copyright and other intellectual property rights for the proprietary work of the “Company” belong to the “Company”. However, this shall not be applicable if the work provided to the “Users” without any revision, amendment or reproduction by the “Company”.
② The “Users” shall not, directly or indirectly, transform, copy, distribute, publish, exhibit, sell, broadcast, or allow any third-party to use any information acquired during the use of the “Homepage”, without prior consent of the “Company”.
③ The “Company” shall notify the “User” and obtain a prior consent when the “Homepage” is to use the work whose copyright belongs to the “User”. However, the notification can be submitted after the fact, if a prior notification is not practically possible.
Article 11. Indemnification regarding the Services
① If the “Services” cannot be provided due to natural disasters, war, or other force majeure events, the liability of the “Company” for providing the Service shall be waived.
② The “Company” shall not be liable for any obstacles or damages in using the “Service” due to reasons attributable to the “Users”.
③ The “Company” shall not be liable for failures to provide the “Services” if such interruption is caused by telecommunication service providers.
④ The “Company” shall not be liable for damages caused by unavoidable reasons such as repair, replacement, regular inspection, and construction of service equipment.
⑤ The “Users” are responsible for protecting their own mandatory registration items (mobile phone number, email address, etc.) and passwords that they have provided to the “Homepage” to use the “Services”, and the “Company” shall not be liable for any damage caused by the leakage of such information by the “User”, whether intended or unintended.
⑥ The “Company” shall not be liable for any damages caused by the computer system of the “User” or the poor management of the personal information by the “User”.
⑦ The “Company” shall not be obligated to intervene in disputes that occur among the “Users” or between the “Users” and third-parties in association with the “Services”, and shall not be liable for damages caused in association with such disputes.
⑧ The “Company” shall not be responsible for the validity, suitability, legal rationality, copyright compliance, etc. of the contents provided at or linked to the “Homepage”, or included in partner companies (including websites), and shall not be liable for any loss or damage caused by them.
⑨ The “Users” shall be liable for any loss or damage that may occur by reproducing the “Services” provided at the “Homepage”, and the “Company” shall not be liable for such damages. However, the “Company” shall be liable for such damages if the damages are caused by gross negligence or willful misconduct by the "Company".
Article 12. Dispute Resolutions
① The “Company” shall operate a separate place or section handling the feedback of the “Users” or complaints at the “Homepage”. The "Company shall notify the “Users” of expected timeline if such feedback or complaints cannot be processed on time.
② The request for damage relief by the “Users” in association with disputes with the “Company” shall be subject to the arbitration by arbitrators designated by the Fair Trade Commission, the mayor or the governor.
③ When the “Services” at the “Homepage” is reused commercially and/or distributed to third-parties for profit, the copyright fee shall be charged directly to the “User”, indirectly through a legal representative, or by way of a litigation pursuant to the copyright laws.
Article 13. Jurisdiction and Governing Law
Article 14. Effective Date
Article 1. Purpose of Processing the Personal Information
① The Company collects and manages the personal information for the following purposes. The processed personal information shall not be used for purposes other than the following and, in the case of change in such purposes, the Company shall take necessary actions, such as obtaining a separate consent in accordance with Article 18 of the Personal Information Protection Act.
- Membership: Confirmation of intention to sign up as a member, verification of qualification for granting access to membership services, retention and maintenance of membership qualification, compliance with the enforced limited identification, prevention of unauthorized use of services, verification of legal representative for processing of personal information of children under the age of 14, notification of important matters regarding services and management of claims.
- Services: Providing services, delivering agreement and invoices, verifying identity, settling payments.
- Supports: Verification of claimant’s identity, confirmation of the claims, communication and notification of verification purposes, and notification of processing status.
Article 2. Processing and Retention Period of the Personal Information
① When collecting the personal information from the Users or during the retention period of the personal information in accordance with the Personal Information Protection Act, the Company shall process and retain the personal information within the processing and retention period consented by the Users.
② The processing and retention period of the personal information shall be as follows:
- Personal information regarding registration and management of the membership: Until the termination of the membership. However, the personal information shall be retained until the circumstances are resolved for the following cases:
A. Investigation in association with violation of laws: Until the investigation is completed
B. Accounts payable outstanding from use of the services: Until the outstanding amounts are paid in entirety
- Personal information regarding use of the services: Until the payment for the services are settled and the services are provided. However, the personal information shall be retained until the circumstances are resolved for the following cases:
A. Records related to transactions at the homepage including representations, advertisements, terms and conditions of the transactions, and performance of such terms and conditions in accordance with the Consumer Protection Act in Electronic Commerce.
- Records on representations and advertisements: Six(6) months
- Record on agreements, withdrawal, payment, relevant services associated with the transactions: Five(5) years - Records on user complaints or dispute settlements: Three(3) years
B. Records related to verification of communications in accordance with Article 41 of the Communication Secret Protection Act
- Records on date and time of telecommunication of the members, counterparty’s registration number, frequency of use, location tracking data of distribution station: One(1) year
- Records on communications by computers, internet log data, access point tracking data: Three(3) months
Article 3. Providing the Personal Information to the Third Party
The Company processes the personal information of the User in accordance with Article 1 hereof, and provides the personal information of the User to the third party only in accordance with Article 17 of the Personal Information Protection Act.
Article 4. Entrustment of the Personal Information Processing
① The Company entrusts processing of the personal information to third parties for enhanced usability as follows:
② The Company specifies certain conditions in the entrustment agreements including prohibition of processing the personal information for the purposed other than entrustment, technical and administrative protection measures, restriction on re-entrustment, management protocol of the trustee and responsibility of indemnification, and supervises the trustee accordingly.
Article 5. Rights and Duties of the Users Providing the Personal Information
① The User providing the personal information can exercise the following rights in association with the protection of the personal information at any time:
- Inspection of the personal information provided
- Correction, modification or deletion of the personal information provided
- Deletion of the personal information provided
- Suspension of processing the personal information provided
② The User providing the personal information can exercise its rights in accordance with Section 1 above by way of submitting the requesting document via mail, email or fax, and the Company shall take necessary actions without delay.
③ If the User providing the personal information requests correction, modification or deletion of the personal information provided, the Company shall not use or provide the personal information to third parties until such correction, modification or deletion is completed.
④ The User providing the personal information may delegate the exercise of its rights provided in Section 1 above to a legal representative or an agent. In this case, the power of attorney, in accordance with Annex 11 of the Enforcement Ordinance of the Personal Information Protection Act, shall be submitted.
⑤ The information subject shall not infringe on the personal information and privacy of the person or other person handled by the Company in violation of related laws such as the Personal Information Protection Act.
Article 6. Items for Processing the Personal Information
① The Company processes the following items of the personal information:
- Registration and management of the membership A. Required items: name, date of birth, ID, password, address, phone number, gender, email address B. Optional items: marital status, area of interest
- Delivery of the services A. Required items: name, date of birth, ID, password, address, phone number, gender, email address, payment information such as credit card number or bank account information B. Optional items: area of interest, previous purchase history
② The following personal information may be automatically produced and collected during the use of internet browser:
- IP address, cookies, MAC address, record of services used, visit log and defective usage record
Article 7. Procedures and Methods of Destroying the Personal Information
① The Company, in principle, shall delete the personal information without delay, if the purpose of processing the personal information is achieved.
② Nevertheless, if the personal information needs to be preserved pursuant to relevant laws and regulations, the Company shall transfer such information to a separate storage space for preservation.
③ The procedures and methods of destroying the personal information are as follows:
- Procedures: The Company shall destroy any unnecessary personal information under the responsibility of the person in charge of the personal information.
- Methods: Electronic data shall be destroyed through technical methods making it impossible to be restored. Paper documents containing the personal information shall be shredded or incinerated.
Article 8. Measures to Secure Safety of the Personal Information
① The Company is taking the following measures to ensure the safety of personal information:
- Administrative measures: Establishment of an administrative manual and education of the staff with the manual
- Technical measures: Restriction of access to the personal information, encryption of the personal information, and installation and maintenance of computer security software
- Physical measures: Control of physical access to the storage facility
Article 9. Installation, Operating or Rejection of Automatic Data Collecting System
② A cookie is a fragmented piece of data sent from an organization’s web server to the User’s web browser, and can be stored in the User’s computer hard drive.
Article 10. Personnel Responsible for Protecting the Personal Information
① The Company designated the following person as the information security officer taking charge of protecting the personal information and communicating with the Users regarding relevant matters:
Information Security Officer
Name: Sang-Hoon Jin
* Directed to the Department of Information Security.
② The Users providing the personal information may contact the Information Security Officer or Department of Information Security for any question, claim and/or indemnification in association with matters related to the personal information in using the services provided by the Company.
Article 11. Request for Inspection of the Personal Information
① Pursuant to Article 35 of the Personal Information Protection Act, the User providing the personal information may request inspection of the personal information provided directly to the following contact of the Company. The Company shall handle the request without delay.
Article 12. Remedies for Infringed Rights or Interests
① The User providing the personal information may consult with the following organizations for remedies regarding the infringement of the personal information:
- Personal Information Infringement Report Center
A. Scope: Report infringement on the personal information and request for consultation to resolve infringement
B. Website: privacy.kisa.or.kr
C. Phone: +82-118 (without area code)
D. Address: 3F Personal Information Infringement Notification Center, 9 Jinheung-gil, Naju, Jeollanan-do, Republic of Korea 58324
- Personal Information Dispute Mediation Committee
A. Scope: Mediate the personal information dispute or collective disputes
B. Website: www.kopico.go.kr
C. Phone: +82-1833-6972
D. Address: 3F, Government Complex in Seoul, 209 Sejong-daero, Jongno-gu, Seoul, Republic of Korea 03171
- Supreme Prosecutors’ Office, Cybercrime Investigation Department: +82-2-3480-3573 (www.spo.go.kr)
- Korean National Police Agency, Cyber Security Bureau: +82-182 (cyberbureau.police.go.kr)
Article 13. Effective Date
Limitation of Liability
- Hotelysis Corporation(hereinafter referred to as “Company”) makes no representations or warranties with regard to the completeness, accuracy, reliability or suitability for any purpose of all contents, such as documents and data (including documents and data not provided directly to users), provided by the Company at the homepage (hotelysis.com and hbi.hotelysis.com, hereinafter referred to as “Homepage”), videos, links, advertisements and member postings(hereinafter referred to as “Content”) as well as with regards to the information about assets and/or markets (including but not limited to information about any lodging property, lodging real estate market, data products, etc.) which may have been purchased or acquired form a third party through the “Content”.
- You acknowledge and agree that you use the “Content” at your own risk, and in no event the “Company” is liable for any direct, indirect, incidental, punitive or consequential damages arising out of or in any way connected with your use of the “Content”.
- The “Company” shall not be responsible for the correction of the “Content”. However, the "Company" may improve the “Content” as needed at its own discretion.
- You can only use the “Content” within the scope permitted by the “Homepage” and shall not download, extract, transfer, or post the “Content” to websites other than the “Homepage” without Company’s prior consent.
- You shall not access the system providing the “Company”’s “Content” in a way that is not allowed. In particular, the mechanical approach using programs or the account information of a third party shall be strictly prohibited.
- You are not entitled to any information or rights (patent, trademark rights, copyrights, data base rights and other intellectual property rights) related to the “Content”, and shall not use the copyrighted work, trademark, etc. related to the “Content” without permission of the “Company”. Any false representations or impressions that may lead the others to misunderstand the right holder of the “Content” is prohibited.
- You shall not disclose, (re)produce, (re)distribute or use the “Content” without an express permission of the “Company”, and shall not use the “Content”(including personal information) for the purposes other than specified and permitted at the “Homepage”, without prior consent of the “Company”.
- You acknowledge and agree that you fully understand and shall comply with the conditions above, and make anyone obtaining the “Content” from you comply with them. You are responsible for violations of the conditions by you or anyone obtaining the “Content” and liable for damages to the “Company” caused by such violations.
- If you do not agree to any of the terms and conditions illustrated above, you are not allowed to access the “Homepage” or to use the “Content”. In such case, please stop using the “Homepage” and the “Content” immediately.
1. Financial data provided by Hotelysis is an output of artificial intelligence.
There are various public statistics and private data related to the Korean lodging industry, in and out of the country, and Hotelysis collects most of them. Please check the Data Sources page for the complete list of data sources collected by Hotelysis. However, Hotelysis does not just pass them over to the users. It is mainly because we think they can cause confusions, contrary to our goal to provide complete visibility over the Korean lodging market. In detail, there are two reaons:
First, there exists widespread inconsistency among public statistics. Public statistics related to the lodging industry in Korea are compiled in accordance with regulatory classification of lodging business segments and property types, and statistics for each category is compiled independently by the relevant authority. Please check Lodging Property Types by Regulation page for the classifcation details. On the other hand, due to the difference in the focus of each authority's work scope according to the relevant laws, there are also significant differences in the way each statistics is compiled and the scope of the information contained. In other words, you will get different answers for the same question, depending upon who you ask.
- Different standards in compiling: results vary depending on whether the statistics are about lodging business or loding property because the regulatory lodging business segments and property types do not match. A lodging property can be used for businesses other than the lodging business, a lodging business does not have to be run only at a lodgin property, and the type of business run at a property can change at any time. This implies that the results of statistics vary depending on whether the management target is a business or a property, and whether the property is managed by parcel or by building. For example, if a single company operates a resorts complex consisting of multiple buildings in multiple parcels, it may be viewed as one lodging property or multiple lodging properties depending on which authority is looking at it.
- Different scopes in compiling: although there are discrepancies between statistical data due to different compiling standards, statistics on the supply of lodging properties in Korea are relatively abundant. On the other hand, there are limited statistics that provide visibility over operating performance such as demand, prices, revenues, and costs. First of all, in the case of revenues, the Korean Hotel Association publishes the Operating Statistics of Hotel Industry every year, and it provides somewhat detailed information about demand, prices, and revenues. However, the sample of this statistics covers only about 50% of all hotels, which is 4% of all lodging properties. The Economic Census published by Statistics Korea every five years contains high-level data about revenues and costs, but the results for the same sample as the Operating Statistics of Hotel Industry are different.
Second, contamination of survey-based statistics is inevitable. In most cases, supply statistics are not survey-based, but there still is some contamination due to mix-up of address systems. Operating performance statistics are based entirely on voluntary surveys from individual businesses, and there is no real way to find and correct errors if respondents provide incorrect data. Of course, techniques for verifying and correcting statistical significance are widely used, but there are clear limitations in association with the volatile and irregular cash flow data of the lodging industry.
- Contamination by mistake: in most cases, the contamination is caused by mistakes. For example, some of the data are submitted missing, some irrelevant data are submitted together, the entries are mixed up, or there are mistakes in the unit notation of the numbers. In this case, it is relatively simple to improve the accuracy: eleminate the additional cost burden to improve accuracy, and provide incentives to improve the accuracy. However, since the accuracy issue is not only for the lodging industry statistics, there could be an issue whether it is realistic for the government to take the steering wheel in doing so.
- Contamination by intention: although the proportion is relatively small, there are cases where false data are submitted to contaminate statistical data. In this case, the ripple effect is large compared to the small proportion. It is because such small defects can destroy the credibility of the entire statistical data. Although there are supposed to be complex reasons behind it, we think the main purpose is to control the competitive environment through asymmetry of market information. There is virtually no way to solve this problem because there is no way to identify the false data, and it cannot be punished even if verified as they are voluntary survey-based statistics.
The advantage of cleaning up the data through artificial intelligence is that validated data are provided in a consistent format. The artificial intelligence algorithms developed by Hotelysis match various public statistics and private data, whether within the country and overseas, related to the Korean lodging industry, according to preset standards. Then, the significance of each is verified to correct the data points determined as errors, and to estimate or forecast the missing data points according to the preset standards. The algorithms are applied to the individual property level financial data as well as the aggregate market level data, and the competitive market level data, aggregated again after verifying the individual property level data, are provided to the users.
However, there is still a limitation that the accuracy of the data cleaned up by artificial intelligence cannot be fully guaranteed. Hotelysis tests the error rate by comparing the output of artificial intelligence with the original market level data. In this process, the output data are verified by MAPE and SMAPE, with the identical statistical samples of the original market level data. In addition, the error rates of individual property level data are tested with the actual data of the property, if applicable, but the availability of individual property level data is limited compared to market level data. Hotelysis provides only data that passes the verification tests, yet cannot guarantee the accuracy of the data provided.
2. The data provided at HBI Dashboard is based upon the financial data at the individual property level.
The reason that Hotelysis breaks the market level data down to the individual property level, instead of providing the original market level data, is to reflect the unstable supply status and market dynamics of the Korean lodging market more accurately and promptly in the data.
First of all, the unstable supply status means that the pace of new openings is high, while the pace of closings is also high due to the short life cycle. In other words, there is a high degree of uncertainty about when a newly opened property will close down. It also implies that the competitive environment is dynamically changing in Korea, and the delivery of accurate market data on time is critical. The unstable supply status in Korean lodging market can be captured by two indicators:
- Average life cycle of a lodging business: in general, the economic life of a lodging property is 40 years, which is the depreciable life, and the closer the average life cycle of a lodging business is to the economic life, the more stable the market is. However, the average life cycle of a lodging business in Korea is only 23 years, which is 58% of the economic life, while it is 36 years in the United States, which is 90%.
- Annual average growth of rooms: from 2005 to 2019, the number of rooms of lodging properties in Korea increased by 1.0% per annum with a standard deviation of 1.1%. During the same period, it increased byof 1.3% per annum with a standard deviation of 1.0% in the United States. In terms of the overall rate of increase or decrease, Korea's supply status seems more stable, but behind it, there are relatively high opening and closing rates.
On the other hand, the volatility of demand in Korean lodging market is also estimated to be high, but it is difficult to be measured accurately. The reason that demand is estimated to be highly volatile is that the proportion of external demand is high, and the seasonal leisure demand accounts for most of domestic demand. It is difficult to be measured accurately because the compiling standards for demand-related statistics differ from supply-related statistics, and demand-related statistics are not quite in shape in terms of significance and timeliness.
- Gap between regulatory types and market types: the Korea National Tourism Survey and the International Visitor Survey, published by Korea Culture & Tourism Institute every year, provide data to determine domestic and foreign demand by lodging property type. However, since they use a market types rather than regulatory types, it includes pensions or guesthouses for which supply statistics do not exist. Unless individual lodging properties use the regulatory types in their names, it is not feasible to use the regulatory types in the survey for travelers. This means that demand statistics cannot be linked to supply statistics.
- Limited financial data for lodging businesses: although limited to 4% of all lodging properties, the only detailed revenue-related data available for the hotel industry is released approximately one to one and a half years after the end of the year. The Economic Census data is also be released a year and a half later, but unfortunately, the subject years so far have been very unusual. 2010 was just after the global financial crisis, 2015 was a time when the lodging industry was hit hard by MERS and 2020 by COVID-19. In other words, we only have revenues and costs data deviating from normal conditions.
The advantage of financial data broken down to the individual property level is that it allows to handle discrepancies and changes of samples in various public statistics effectively. For this purpose, Hotelysis has developed its own classification system by further segmenting and clustering the regulatory types in accordance with market conditions, to maintain the utilization of available statistical data and the accurate capture of the market conditions. Please check the Lodging Property Types by Hotelysis page for the details. In addition, the algorithms developed by Hotelysis is based on the correlation between the individual items of the base data and key economic indicators, enabling independent estimating or forecasting. This means that financial data with significance is provided in advance and confirmed later when relevant statistics are published.
However, the financial data for individual properties are not provided as is, and users will receive data aggregated into competitive market level. The biggest reason is the legal restriction in association with privacy. However, this limitation is complemented by allowing users to set up their own competitive set of properties to generate datasets. For example, the users can select and organize a competitive set of properties directly competiting with the subject property, extract the aggregated data for them, and comparatively analyze the financial performance of the subject property. In this case, in principle, the financial performance data for the subject property shall be provided by the user. A legal review for providing the financial data for individual property is currently underway, and we will decide whether to revise or maintain our policies as soon as we get the opinions.
3. Financial data provided by Hotelysis is in compliance with accounting standards.
There are two sets of accounting standards used by Hotelysis. One is the Uniform System of Accounts for the Lodging Industry (USALI), which is customized for lodging industry, and the other is tje International Financial Reporting Standards (IFRS), which is used generally across all industries. We use them based upon following criteria:
- USALI: We apply USALI for operating performance data, which is presented in the form of an income statement. Although USALI is not a regulatory format for filing purposes, we think it is more effective in analyzing productivity and efficiency of operations for lodging properties.
- IFRS: We apply IFRS for financial position data, which is presented in the form of a balance sheet. However, if the actual data obtained and utilized by Hotelysis is created in accordance with GAAP, it is not converted separately, so the user needs to be careful in interpreting the book value data.
The financial data of the lodging property, even for the same operating performance, can vary significantly depending on the ownership and operational structure. For example, if a lodging property is operated under a lease structure, the depreciation expense may not be included in the lessee’s financial statements, while it will be included in case of an owner-operator structure, incurring a huge difference in profit and loss while the operating performance is the same. In principle, the data provided by Hotelysis excludes the variables of ownership and operation structure, and provides data attributed to the assets. Therefore, all data are based on the operation by the ownership, and if the original data obtained and utilized by Hotelysis is under a lease structure, it is converted back to the owner-operator model.
If there is any further questions regarding data provided by Hotelysis, contact us at firstname.lastname@example.org. Please note that we cannot provide answers in relation to the artificial intelligence algorithms developed by Hotelysis.
1. The artificial intelligence algorithm of Hotelysis collects and utilizes various DOMESTIC data as following:
- Industry Statistics Division, Statistics Korea, Services Industry Survey (Services Industry, 2005~2019), KOSIS(Theme) & MDIS
- Economic Census Division, Statistics Korea, Economic Census (Lodging and Food Industry, 2010, 2015), KOSIS(Theme) & MDIS
- All Local Governments, Services Industry Census (Lodging and Food Industry, 2005), KOSIS(Theme) & MDIS
- KCTI, Full List of Registered Tourist Accommodations (2005~2013), TourGo
- MCST, Summary of Registered Tourist Accommodations (2010~2021), MCST Website
- MOIS, Status Update on Lodging Establishments (Occasion Calls), Open Data Portal
- MOLIT, Building Ledger Information Service (Title Section & Overview by Floor), Open Data Portal
- Tourism Policy Division, MCST, Domestic Travel Survey (2005~2020), MCST Stat
- International Tourism Division, MCST, International Travel Survey (2005~2020), MCST Stat
- KCTI, Tourist Arrivals Statistics (2005~2021), TourGo
- KCTI, Operating Statistics of Tourism Accommodations (2005~2013), TourGo
- KHA, Operating Statistics of Hotels (MSA, 2014~2020), KHA Website
- KHA, Operating Statistics of Hotels (Asset, 2005~2018), KHA Booklets
- Tourism Industry Policy Division, MCST, Tourism Enterprises Survey (2005~2018), MCST Stat
- KCTI, Tourism Enterprises Management Statistics (2009), TourGo
- BOK, Gross Domestic Products (Nominal, KRW, 2005~2021), BOK ECOS
- BOK, Gross Domestic Products (Real Growth Rate, 2005~2021), BOK ECOS
- BOK, Gross Domestic Products & Gross National Income by Sector (Original Series, Nominal, Annual, 2005~2021), BOK ECOS
- BOK, Contribution to Economic Growth by Sector (Original Series, Real, Annual, 2005~2021), BOK ECOS
- All Local Governments, GRDP (MSA, 2005~2020), KOSIS(Regional Indicators)
- BOK, Producer Price Index (Basic Classification, 2015=100, 2005~2021), BOK ECOS
- BOK, Consumer Price Index (National, 2015=100, 2005~2021), BOK ECOS
- BOK, Total Output Price Index (2015=100, 2005~2021), BOK ECOS
- All Local Governments, Consumer Price Index (MSA, 2005~2021), KOSIS(Regional Indicators)
- Local Employment Policy Division, MOIS, Consumer Price Index by Region (2011~2021), MOIS Website
- All Local Governments, Average Monthly Wage and Growth Rate (MSA, 2005~2021), KOSIS(Regional Indicators)
- Labor Market Statistics Division, MOEL, Conditions of Labor Statistics (2005~2021), KOSIS(Theme) & MDIS
- BOK, Market Interest Rate (Annual, Government Bond 3Y, 5Y, 10Y, 2005~2021), BOK ECOS
- BOK, Savings Bank Weighted Average Interest Rate (Annual, Lending Rate, 2005~2021), BOK ECOS
- BOK, Exchange Rates of Major Currencies over KRW (Average, 2005~2021), BOK ECOS
- All Local Governments, Changes in Land Prices (MSA, 2005~2021), KOSIS(Regional Indicators)
- Short-term Industry Statistics Division, Statistics Korea, Construction Industry Survey (2005~2018), KOSIS(Theme) & MDIS
- Construction Policy Division, MOLIT, Building Permits and Ground-breaking Statistics (2005~2021), KOSIS(Theme) & MDIS
- Capital Region Policy Division, MOLIT, Standard Construction Costs for Overcrowding Charges, MOLIT Website
- KAB, Unit Prices for New Construction (Lodging, 2015~2017), KAB Website
- Listed Lodging Companies, Annual Reports & Audit Reports (Lodging Division, 2005~2021), FSS DART
2. The artificial intelligence algorithm of Hotelysis collects and utilizes various INTERNATIONAL data as following:
- World Bank, Population (Total, 2005~2020), World Bank Open Data
- World Bank, Inflation (Consumer Prices, Annual %, 2005~2020), World Bank Open Data
- World Bank, GDP (Current US$, 2005~2020), World Bank Open Data
- World Bank, GDP (Current LCU, 2005~2020), World Bank Open Data
- World Bank, Official Exchange Rate (LCU/US$, Average, 2005~2020), World Bank Open Data
- World Bank, Lending Interest Rate (%, 2005~2020), World Bank Open Data
- World Bank, Interest Rate Spread (Lending-Deposit, 2005~2020), World Bank Open Data
- World Bank, International Tourism (Arrivals, 2005~2020), World Bank Open Data
- World Bank, International Tourism (Departures, 2005~2020), World Bank Open Data
- World Bank, International Tourism (Expenditures, Current US$, 2005~2020), World Bank Open Data
- World Bank, International Tourism (Receipts, Current US$, 2005~2020), World Bank Open Data
- OECD, Business Confidence Index (BCI), OECD Data
- OECD, Inflation Forecast (2000~2020), OECD Data
- OECD, Nominal GDP Forecast (2000~2020), OECD Data
- OECD, Real GDP Forecast (2000~2020), OECD Data
- OECD, Real GDP Long-term Forecast (2000~2020), OECD Data
- OECD, Trade in Goods and Services Forecast (2000~2020), OECD Data
- UNWTO, All Countries: Domestic Tourism: Trips 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Domestic Tourism: Trips by main purpose 1995 - 2020, UNWTO e-Library
- UNWTO, All Countries: Domestic Tourism: Trips by mode of transport 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Domestic Tourism: Accommodation 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Inbound Tourism: Arrivals 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Inbound Tourism: Arrivals by region 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Inbound Tourism: Arrivals by main purpose 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Inbound Tourism: Arrivals by mode of transport 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Inbound Tourism: Accommodation 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Outbound Tourism: Departures 1995 - 2020, UNWTO e-Library
- UNWTO, All Countries: Tourism Industries: Number of establishments 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Tourism Industries: Accommodation for visitors in hotels and similar establishments 1995 - 2020, UNWTO e-Library
- UNWTO, All Countries: Tourism Industries: Indicators 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Complementary Indicators: Demand 1995 - 2020, UNWTO e-Library
- UNWTO, All Countries: Complementary Indicators: Macroeconomic indicators related to international tourism 1995 – 2020, UNWTO e-Library
- UNWTO, All Countries: Employment: Number of employees by tourism industries 1995 - 2020, UNWTO e-Library
- UNWTO, All Countries: Employment: Number of jobs by status in employment 1995 - 2020, UNWTO e-Library
- WTTC, Economic Impact Reports (2005~2021), WTTC Data Gateway
- STR, Census Database (2010~2021), STR Website
- STR, Industry Trends Report (2005~2021), STR Website
- STR, HOST Almanac (2015~2021), STR Website
- HVS, Hotel Valuation Index (2005~2021), HVS Website
- HVS, In-depth Asia Pacific Hotel Valuation Index (2005~2021), HVS Website
- JLL, Hotel Investor Sentiment Survey (2005~2021), JLL Website
- JLL, Hotel Investment Outlook (2005~2021), JLL Website
- Colliers, Colliers Hotel Insights (2015~2018), Colliers Website
- Colliers, Asia Hotel Insights (2015~2021), Colliers Website
- ISHC, CapEx Study (2014, 2018), ISHC Website
- NCREIF, NCREIF Property Index (Hotel, 2005~2021), NCREIF Website
- NCREIF, NCREIF Fund Index – Open End Diversified Core Equity (NFI-ODCE, Hotel), NCREIF Website
- NAREIT, U.S. Real Estate Index (Performance by Property Sector/Subsector, Lodging), NAREIT Website
- NAREIT, U.S. Real Estate Index (Annual Index Values and Returns, Lodging), NAREIT Website
- PWC, US Hospitality Directions (2005~2021), PWC Website
- KPMG, Insights on Real Estate Investment Trusts (2015), KPMG Website
- Marriott International, Annual Report (10-K, 2005~2021), Marriott International Website
- Hilton Worldwide, Annual Report (10-K, 2005~2021), Hilton Worldwide Website
- InterContinental Hotels Group, Annual Report (10-K, 2005~2021), InterContinental Hotels Group Website
- Accor Hotels Group, Universal Registration Document (2005~2021), Accor Hotels Group Website
- Hyatt Hotels Corporation, Annual Report (10-K, 2005~2021), Hyatt Hotels Corporation Website
The list of data sources above will be updated when the database is updated. If there is any further questions regarding data provided by Hotelysis, contact us at email@example.com. However, please understand that we cannot provide details regarding our own artificial intelligence algorithm.