{"id":29835,"date":"2026-02-08T02:08:46","date_gmt":"2026-02-08T02:08:46","guid":{"rendered":"https:\/\/www.globalresearch.co.kr\/insight\/hospitality-real-estate-sector-mordor\/"},"modified":"2026-09-18T06:09:56","modified_gmt":"2026-09-17T21:09:56","slug":"hospitality-real-estate-sector-mordor","status":"publish","type":"post","link":"https:\/\/www.globalresearch.co.kr\/insight\/hospitality-real-estate-sector-mordor\/","title":{"rendered":"\uc138\uacc4\uc758 \uc219\ubc15 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc810\uc720\uc728 \ubd84\uc11d &#8211; \uc131\uc7a5 \ub3d9\ud5a5 \ubc0f \uc804\ub9dd (2026-2031\ub144)"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.globalresearch.co.kr\/insight\/wp-content\/uploads\/2026\/02\/hospitality-real-estate-sector-1751625384825-major-players.webp\" alt=\"Chart\" class=\"aligncenter size-full\" \/><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.globalresearch.co.kr\/insight\/wp-content\/uploads\/2026\/02\/hospitality-real-estate-sector-size-image-1767015786879.webp\" alt=\"Chart\" class=\"aligncenter size-full\" \/><\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-0\">1. \uc11c\ub860<\/p>\n<ul>\n<li class=\"toc-level-2\">1.1 \uc5f0\uad6c \uac00\uc815 \ubc0f \uc2dc\uc7a5 \uc815\uc758<\/li>\n<li class=\"toc-level-2\">1.2 \uc5f0\uad6c \ubc94\uc704<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-1\">2. \uc5f0\uad6c \ubc29\ubc95\ub860<\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-2\">3. \uc694\uc57d<\/p>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-3\">4. \uc2dc\uc7a5 \ud1b5\ucc30\ub825 \ubc0f \uc5ed\ud559<\/p>\n<ul>\n<li class=\"toc-level-2\">4.1 \uc2dc\uc7a5 \uac1c\uc694<\/li>\n<li class=\"toc-level-2\">4.2 \uc2dc\uc7a5 \ub3d9\uc778\n<ul>\n<li class=\"toc-level-3\">4.2.1 \uae00\ub85c\ubc8c \uad00\uad11 \ubc0f \uae30\uc5c5 \ucd9c\uc7a5 \ud65c\ub3d9\uc758 \uc0c1\ub2f9\ud55c \ud68c\ubcf5<\/li>\n<li class=\"toc-level-3\">4.2.2 \uc8fc\uc694 \uad00\ubb38 \ub3c4\uc2dc \uc804\ubc18\uc758 \uad6d\uacbd \uac04 \ud638\ud154 \uac70\ub798 \uc99d\uac00<\/li>\n<li class=\"toc-level-3\">4.2.3 \ub3c4\uc2dc \ubc0f \ub808\uc800 \uc2dc\uc7a5\uc5d0\uc11c RevPAR \ubc0f ADR\uacfc \uac19\uc740 \uac15\ub825\ud55c \uc131\uacfc \uc9c0\ud45c<\/li>\n<li class=\"toc-level-3\">4.2.4 REIT, \uc0ac\ubaa8\ud380\ub4dc \ubc0f \uae30\uad00 \ud22c\uc790\uc790\uc758 \ud22c\uc790 \uc99d\uac00<\/li>\n<li class=\"toc-level-3\">4.2.5 \ud638\ud154 \uc6b4\uc601 \ubc0f \uace0\uac1d \uacbd\ud5d8\uc5d0 \uc2a4\ub9c8\ud2b8 \uae30\uc220\uc758 \ube60\ub978 \ub3c4\uc785<\/li>\n<li class=\"toc-level-3\">4.2.6 \uc804\ud1b5\uc801\uc778 \uc0c1\uc5c5\uc6a9 \ubd80\ub3d9\uc0b0(CRE) \ubd80\ubb38\ubcf4\ub2e4 \uc219\ubc15\uc5c5\uc744 \uc120\ud638\ud558\ub294 \uc790\ubcf8 \ubc30\ubd84 \ubcc0\ud654<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">4.3 \uc2dc\uc7a5 \uc81c\uc57d\n<ul>\n<li class=\"toc-level-3\">4.3.1 \ud638\ud154 \uc218\uc775\uc131\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uc6b4\uc601 \ube44\uc6a9 \uc99d\uac00<\/li>\n<li class=\"toc-level-3\">4.3.2 \uc2e0\uaddc \uacf5\uae09\uc744 \uc81c\ud55c\ud558\ub294 \ub192\uc740 \uac74\uc124 \ubc0f \ub9ac\ub178\ubca0\uc774\uc158 \ube44\uc6a9<\/li>\n<li class=\"toc-level-3\">4.3.3 \ud22c\uc790 \uc2ec\ub9ac\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uac70\uc2dc \uacbd\uc81c \ubc0f \uc9c0\uc815\ud559\uc801 \uc704\ud5d8<\/li>\n<li class=\"toc-level-3\">4.3.4 \ub300\uccb4 \uc219\ubc15 \ud50c\ub7ab\ud3fc \ubc0f \ub2e8\uae30 \uc784\ub300 \uacbd\uc7c1 \uc2ec\ud654<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">4.4 \uac00\uce58 \/ \uacf5\uae09\ub9dd \ubd84\uc11d<\/li>\n<li class=\"toc-level-2\">4.5 \uaddc\uc81c \ubc0f \uc815\ucc45 \ud658\uacbd<\/li>\n<li class=\"toc-level-2\">4.6 \uae30\uc220 \uc804\ub9dd<\/li>\n<li class=\"toc-level-2\">4.7 ESG \ubc0f \uc9c0\uc18d \uac00\ub2a5\uc131 \ud544\uc218 \uc694\uc18c<\/li>\n<li class=\"toc-level-2\">4.8 \uc219\ubc15 \uc0b0\uc5c5 \ud22c\uc790 (\ubd80\ub3d9\uc0b0, FDI \ubc0f \uae30\ud0c0)<\/li>\n<li class=\"toc-level-2\">4.9 \ud3ec\ud130\uc758 5\uac00\uc9c0 \uacbd\uc7c1 \uc694\uc778\n<ul>\n<li class=\"toc-level-3\">4.9.1 \uacf5\uae09\uc5c5\uccb4\uc758 \uad50\uc12d\ub825<\/li>\n<li class=\"toc-level-3\">4.9.2 \uad6c\ub9e4\uc790\uc758 \uad50\uc12d\ub825<\/li>\n<li class=\"toc-level-3\">4.9.3 \uc2e0\uaddc \uc9c4\uc785\uc790\uc758 \uc704\ud611<\/li>\n<li class=\"toc-level-3\">4.9.4 \ub300\uccb4\uc7ac\uc758 \uc704\ud611<\/li>\n<li class=\"toc-level-3\">4.9.5 \uacbd\uc7c1 \uac15\ub3c4<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-4\">5. \uc2dc\uc7a5 \uaddc\ubaa8 \ubc0f \uc131\uc7a5 \uc608\uce21 (\uac00\uce58, USD)<\/p>\n<ul>\n<li class=\"toc-level-2\">5.1 \uc790\uc0b0 \uc720\ud615\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.1.1 \ud638\ud154<\/li>\n<li class=\"toc-level-3\">5.1.2 \ub9ac\uc870\ud2b8 &amp; \uc2a4\ud30c<\/li>\n<li class=\"toc-level-3\">5.1.3 \uae30\ud0c0 (\uc11c\ube44\uc2a4\ub4dc \uc544\ud30c\ud2b8, \ubd80\ud2f0\ud06c \uc778 \ub4f1)<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.2 \uc720\ud615\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.2.1 \uccb4\uc778 \ud638\ud154<\/li>\n<li class=\"toc-level-3\">5.2.2 \ub3c5\ub9bd \ud638\ud154<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.3 \uc790\uc0b0 \ub4f1\uae09\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.3.1 \uc800\uac00\/\uc608\uc0b0<\/li>\n<li class=\"toc-level-3\">5.3.2 \uc911\uae09<\/li>\n<li class=\"toc-level-3\">5.3.3 \ub7ed\uc154\ub9ac<\/li>\n<\/ul>\n<\/li>\n<li class=\"toc-level-2\">5.4 \uc9c0\uc5ed\ubcc4\n<ul>\n<li class=\"toc-level-3\">5.4.1 \ubd81\ubbf8<\/li>\n<li class=\"toc-level-4\">5.4.1.1 \ubbf8\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.1.2 \uce90\ub098\ub2e4<\/li>\n<li class=\"toc-level-4\">5.4.1.3 \uba55\uc2dc\ucf54<\/li>\n<li class=\"toc-level-3\">5.4.2 \ub0a8\ubbf8<\/li>\n<li class=\"toc-level-4\">5.4.2.1 \ube0c\ub77c\uc9c8<\/li>\n<li class=\"toc-level-4\">5.4.2.2 \ub0a8\ubbf8 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<li class=\"toc-level-3\">5.4.3 \uc720\ub7fd<\/li>\n<li class=\"toc-level-4\">5.4.3.1 \uc601\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.3.2 \ub3c5\uc77c<\/li>\n<li class=\"toc-level-4\">5.4.3.3 \ud504\ub791\uc2a4<\/li>\n<li class=\"toc-level-4\">5.4.3.4 \uc774\ud0c8\ub9ac\uc544<\/li>\n<li class=\"toc-level-4\">5.4.3.5 \uc2a4\ud398\uc778<\/li>\n<li class=\"toc-level-4\">5.4.3.6 \uc720\ub7fd \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<li class=\"toc-level-3\">5.4.4 \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74<\/li>\n<li class=\"toc-level-4\">5.4.4.1 \uc0ac\uc6b0\ub514\uc544\ub77c\ube44\uc544<\/li>\n<li class=\"toc-level-4\">5.4.4.2 \uc544\ub78d\uc5d0\ubbf8\ub9ac\ud2b8<\/li>\n<li class=\"toc-level-4\">5.4.4.3 \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<li class=\"toc-level-3\">5.4.5 \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591<\/li>\n<li class=\"toc-level-4\">5.4.5.1 \uc911\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.5.2 \uc778\ub3c4<\/li>\n<li class=\"toc-level-4\">5.4.5.3 \uc77c\ubcf8<\/li>\n<li class=\"toc-level-4\">5.4.5.4 \ub300\ud55c\ubbfc\uad6d<\/li>\n<li class=\"toc-level-4\">5.4.5.5 \ud638\uc8fc<\/li>\n<li class=\"toc-level-4\">5.4.5.6 \uc778\ub3c4\ub124\uc2dc\uc544<\/li>\n<li class=\"toc-level-4\">5.4.5.7 \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \uae30\ud0c0 \uc9c0\uc5ed<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-5\">6. \uacbd\uc7c1 \ud658\uacbd<\/p>\n<ul>\n<li class=\"toc-level-2\">6.1 \uc2dc\uc7a5 \uc9d1\uc911\ub3c4<\/li>\n<li class=\"toc-level-2\">6.2 \uc804\ub7b5\uc801 \uc6c0\uc9c1\uc784<\/li>\n<li class=\"toc-level-2\">6.3 \uc2dc\uc7a5 \uc810\uc720\uc728 \ubd84\uc11d<\/li>\n<li class=\"toc-level-2\">6.4 \uae30\uc5c5 \ud504\ub85c\ud544 (\uae00\ub85c\ubc8c \uac1c\uc694, \uc2dc\uc7a5 \uac1c\uc694, \ud575\uc2ec \ubd80\ubb38, \uac00\uc6a9 \uc7ac\ubb34 \uc815\ubcf4, \uc804\ub7b5 \uc815\ubcf4, \uc8fc\uc694 \uae30\uc5c5 \uc2dc\uc7a5 \uc21c\uc704\/\uc810\uc720\uc728, \uc81c\ud488 &amp; \uc11c\ube44\uc2a4 \ubc0f \ucd5c\uadfc \uac1c\ubc1c \ud3ec\ud568)\n<ul>\n<li class=\"toc-level-3\">6.4.1 \uba54\ub9ac\uc5b4\ud2b8 \uc778\ud130\ub0b4\uc154\ub110 Inc.<\/li>\n<li class=\"toc-level-3\">6.4.2 \ud790\ud2bc \uc6d4\ub4dc\uc640\uc774\ub4dc \ud640\ub529\uc2a4 Inc.<\/li>\n<li class=\"toc-level-3\">6.4.3 \uc778\ud130\ucee8\ud2f0\ub128\ud0c8 \ud638\ud154 \uadf8\ub8f9 PLC<\/li>\n<li class=\"toc-level-3\">6.4.4 \uc544\ucf54\ub974 S.A.<\/li>\n<li class=\"toc-level-3\">6.4.5 \uc708\ub364 \ud638\ud154 &amp; \ub9ac\uc870\ud2b8 Inc.<\/li>\n<li class=\"toc-level-3\">6.4.6 \ucd08\uc774\uc2a4 \ud638\ud154 \uc778\ud130\ub0b4\uc154\ub110 Inc.<\/li>\n<li class=\"toc-level-3\">6.4.7 \uc9c4\uc7a5 \uc778\ud130\ub0b4\uc154\ub110 \ud640\ub529\uc2a4<\/li>\n<li class=\"toc-level-3\">6.4.8 \ud558\uc58f\ud2b8 \ud638\ud154 \ucf54\ud37c\ub808\uc774\uc158<\/li>\n<li class=\"toc-level-3\">6.4.9 \ub798\ub514\uc2a8 \ud638\ud154 \uadf8\ub8f9<\/li>\n<li class=\"toc-level-3\">6.4.10 \ubca0\uc2a4\ud2b8 \uc6e8\uc2a4\ud134 \uc778\ud130\ub0b4\uc154\ub110 Inc.<\/li>\n<li class=\"toc-level-3\">6.4.11 \uc18c\ub124\uc2a4\ud0c0 \uc778\ud130\ub0b4\uc154\ub110 \ud638\ud154<\/li>\n<li class=\"toc-level-3\">6.4.12 G6 \ud638\uc2a4\ud53c\ud0c8\ub9ac\ud2f0 LLC<\/li>\n<li class=\"toc-level-3\">6.4.13 \uc5d0\uc784\ube0c\ub9bf\uc9c0 \ud638\uc2a4\ud53c\ud0c8\ub9ac\ud2f0<\/li>\n<li class=\"toc-level-3\">6.4.14 \ud638\uc2a4\ud2b8 \ud638\ud154 &amp; \ub9ac\uc870\ud2b8, L.P.<\/li>\n<li class=\"toc-level-3\">6.4.15 \uc560\ud50c \ud638\uc2a4\ud53c\ud0c8\ub9ac\ud2f0 REIT Inc.<\/li>\n<li class=\"toc-level-3\">6.4.16 \uba5c\ub9ac\uc544 \ud638\ud154 \uc778\ud130\ub0b4\uc154\ub110<\/li>\n<li class=\"toc-level-3\">6.4.17 \uc775\uc2a4\ud150\ub514\ub4dc \uc2a4\ud14c\uc774 \uc544\uba54\ub9ac\uce74<\/li>\n<li class=\"toc-level-3\">6.4.18 OTO \uac1c\ubc1c<\/li>\n<li class=\"toc-level-3\">6.4.19 \ud718\ud2b8\ube0c\ub808\ub4dc PLC<\/li>\n<li class=\"toc-level-3\">6.4.20 NH \ud638\ud154 \uadf8\ub8f9 (\ub9c8\uc774\ub108 \uc778\ud130\ub0b4\uc154\ub110)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p class=\"toc-level-1 toc-content-heading\" id=\"toc-content-heading-6\">7. \uc2dc\uc7a5 \uae30\ud68c &amp; \ubbf8\ub798 \uc804\ub9dd<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc740 2020\ub144\ubd80\ud130 2031\ub144\uae4c\uc9c0\uc758 \uae30\uac04\uc744 \uc5f0\uad6c \ub300\uc0c1\uc73c\ub85c \ud558\uba70, 2026\ub144\ubd80\ud130 2031\ub144\uae4c\uc9c0 \uc5f0\ud3c9\uade0 4.18%\uc758 \uacac\uace0\ud55c \uc131\uc7a5\ub960\uc744 \uae30\ub85d\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ub429\ub2c8\ub2e4. 2025\ub144 4\uc870 9,100\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc600\ub358 \uc2dc\uc7a5\uc740 2026\ub144 5\uc870 1,200\uc5b5 \ub2ec\ub7ec\ub85c \uc131\uc7a5\ud558\uace0, 2031\ub144\uc5d0\ub294 6\uc870 2,700\uc5b5 \ub2ec\ub7ec\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \uc608\uce21\ub429\ub2c8\ub2e4. \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \uc9c0\uc5ed\uc774 \uac00\uc7a5 \ud070 \uc2dc\uc7a5 \uc810\uc720\uc728\uc744 \ucc28\uc9c0\ud558\uace0 \uc788\uc73c\uba70, \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74 \uc9c0\uc5ed\uc774 \uac00\uc7a5 \ube60\ub978 \uc131\uc7a5\uc138\ub97c \ubcf4\uc77c \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \uc2dc\uc7a5 \uc9d1\uc911\ub3c4\ub294 \uc911\uac04 \uc218\uc900\uc785\ub2c8\ub2e4.<\/p>\n<p>\uc2dc\uc7a5 \ubd84\uc11d \ubc0f \uc8fc\uc694 \ub3d9\ud5a5<\/p>\n<p>\ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc758 \uc131\uc7a5\uc740 \uad6d\uc81c \uad00\uad11\uac1d \uc218\uc758 \uacac\uace0\ud55c \ud68c\ubcf5, \uae30\uc5c5 \ud589\uc0ac\uc758 \uc7ac\uac1c, \uadf8\ub9ac\uace0 \ud638\ud154 \uc790\uc0b0\uc73c\ub85c\uc758 \uafb8\uc900\ud55c \uc790\ubcf8 \uc720\uc785\uc5d0 \ud798\uc785\uc5b4 \uc774\ub8e8\uc5b4\uc9c0\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uc720\ub7fd\uacfc \uc911\ub3d9 \uc9c0\uc5ed\uc758 \uc8fc\uc694 \ub3c4\uc2dc\ub4e4\uc740 \uc548\uc815\uc801\uc778 \uc218\uc775\ub960\uc744 \ucd94\uad6c\ud558\ub294 \uad6d\uacbd \uac04 \uc790\ubcf8\uc744 \uc720\uce58\ud558\uba70 \ud22c\uc790\uac00 \uc9d1\uc911\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ube44\uc988\ub2c8\uc2a4 \uc5ec\ud589\uc758 \uc608\uc0c1\ubcf4\ub2e4 \ube60\ub978 \ud68c\ubcf5\uc73c\ub85c \uc778\ud574 \ub3c4\uc2dc \ubd80\ub3d9\uc0b0\uc758 RevPAR(\uac1d\uc2e4\ub2f9 \uc218\uc775) \uc131\uc7a5\uc774 \ub450\ub4dc\ub7ec\uc9c0\uba70, \ub9ac\uc870\ud2b8 \ubd80\ubb38\uc740 \uccb4\ud5d8 \ubc0f \uc6f0\ub2c8\uc2a4 \uc911\uc2ec \uad00\uad11\uc758 \ubd80\uc0c1\uc73c\ub85c \ud61c\ud0dd\uc744 \ubc1b\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc740 \uc120\ubcc4\uc801 \uc778\uc218\ub97c \ud1b5\ud574 \ud3ec\ud2b8\ud3f4\ub9ac\uc624\ub97c \ud1b5\ud569\ud558\uace0 \uc788\uc73c\uba70, AI \uae30\ubc18 \uc218\uc775 \uc2dc\uc2a4\ud15c\uc744 \ub3c4\uc785\ud558\uc5ec \uac1d\uc2e4 \uc218\uc775\uc744 \ucd5c\ub300 10%\uae4c\uc9c0 \ub04c\uc5b4\uc62c\ub9ac\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uadf8\ub7ec\ub098 \ube44\uc6a9 \uc778\ud50c\ub808\uc774\uc158\uacfc \uac74\uc124 \ube44\uc6a9 \uc0c1\uc2b9\uc740 \ub9c8\uc9c4\uc744 \uc555\ubc15\ud558\uba70 \ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc758 \uc131\uc7a5 \uada4\ub3c4\ub97c \uc644\ud654\ud558\ub294 \uc694\uc778\uc73c\ub85c \uc791\uc6a9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc8fc\uc694 \uc131\uc7a5 \ub3d9\ub825 \ubc0f \uc81c\uc57d \uc694\uc778<\/p>\n<p>*   \uc131\uc7a5 \ub3d9\ub825:<br \/>\n    *   \uae00\ub85c\ubc8c \uad00\uad11 \ubc0f \uae30\uc5c5 \uc5ec\ud589 \ud65c\ub3d9\uc758 \uc0c1\ub2f9\ud55c \ud68c\ubcf5(+1.2%): 2024\ub144 \uad6d\uc81c \uad00\uad11\uac1d \uc218\ub294 \ud32c\ub370\ubbf9 \uc774\uc804 \uc218\uc900\uc744 \ub118\uc5b4\uc130\uc73c\uba70, \uae30\uc5c5 \uc5ec\ud589 \uc9c0\ucd9c\ub3c4 \ud68c\ubcf5\uc138\ub97c \ubcf4\uc774\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc911\uad6d\uc758 \uac70\ub300\ud55c \uad6d\ub0b4 \uc2dc\uc7a5\uacfc \uc544\uc6c3\ubc14\uc6b4\ub4dc \uc5ec\ud589\uc758 \ubd80\ud65c, \uadf8\ub9ac\uace0 \uc720\uc5f0\ud55c \uc0ac\ubb34\uc2e4 \uc815\ucc45\uc73c\ub85c \uc778\ud55c \uc7a5\uae30 \ucd9c\uc7a5 \uc99d\uac00\uac00 \uc2dc\uc7a5 \uc218\uc694\ub97c \uacac\uc778\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n    *   REITs, \uc0ac\ubaa8 \ud380\ub4dc \ubc0f \uae30\uad00 \ud22c\uc790\uc790\uc758 \ud22c\uc790 \uc99d\uac00(+0.9%): 2024\ub144 \uc0c1\uc7a5 \ud638\ud154 REITs\ub294 15\uc5b5 \ub2ec\ub7ec\ub97c \uc778\uc218\ud558\ub294 \ub4f1 \ud65c\ubc1c\ud55c \ud1b5\ud569\uc744 \ucd94\uc9c4\ud588\uc73c\uba70, \uc0ac\ubaa8 \ud380\ub4dc \uadf8\ub8f9\uc740 \uae08\ub9ac \uc704\ud5d8 \uc644\ud654\uc5d0 \ud798\uc785\uc5b4 \uc0c1\uc704-\uace0\uae09 \ubc0f \ub7ed\uc154\ub9ac \uc790\uc0b0\uc73c\ub85c \ucd08\uc810\uc744 \uc804\ud658\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n    *   \uc8fc\uc694 \uad00\ubb38 \ub3c4\uc2dc\uc758 \uad6d\uacbd \uac04 \ud638\ud154 \uac70\ub798 \uc99d\uac00(+0.8%): 2024\ub144 \uad6d\uacbd \uac04 \uac70\ub798\ub7c9\uc740 \ube60\ub974\uac8c \ud68c\ubcf5\ub418\uc5c8\uc73c\uba70, EMEA \uc9c0\uc5ed\uc774 \uc778\ubc14\uc6b4\ub4dc \uc790\ubcf8\uc758 74%\ub97c \uc720\uce58\ud588\uc2b5\ub2c8\ub2e4. \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591 \uc9c0\uc5ed\uc740 2019\ub144 \ud22c\uc790 \uc218\uc900\uc758 90%\ub97c \ud68c\ubcf5\ud588\uc73c\uba70, \uc77c\ubcf8\uc774 \uc9c0\uc5ed \uc720\uc785\uc758 \uc808\ubc18\uc744 \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n    *   \ub3c4\uc2dc \ubc0f \ub808\uc800 \uc2dc\uc7a5\uc758 RevPAR \ubc0f ADR\uacfc \uac19\uc740 \uac15\ub825\ud55c \uc131\uacfc \uc9c0\ud45c(+0.6%): 2025\ub144 \ub3c4\uc2dc \ud638\ud154\uc740 RevPAR 2.8% \uc99d\uac00\ub97c \uae30\ub85d\ud588\uc73c\uba70, 2025\ub144 \ub9d0\uae4c\uc9c0 \ub3c4\uc2dc RevPAR\ub294 2019\ub144 \ub300\ube44 16.6% \uc0c1\uc2b9\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4.<br \/>\n    *   \ud638\ud154 \uc6b4\uc601 \ubc0f \uace0\uac1d \uacbd\ud5d8\uc5d0 \uc2a4\ub9c8\ud2b8 \uae30\uc220\uc758 \ube60\ub978 \ucc44\ud0dd(+0.4%).<br \/>\n    *   \uc804\ud1b5\uc801\uc778 \uc0c1\uc5c5\uc6a9 \ubd80\ub3d9\uc0b0(CRE) \ubd80\ubb38\uc5d0\uc11c \ud658\ub300 \ubd80\ubb38\uc73c\ub85c\uc758 \uc790\ubcf8 \ubc30\ubd84 \uc804\ud658(+0.3%).<\/p>\n<p>*   \uc81c\uc57d \uc694\uc778:<br \/>\n    *   \ud638\ud154 \uc218\uc775\uc131\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uc6b4\uc601 \ube44\uc6a9 \uc99d\uac00(-0.7%): \uc778\uac74\ube44, \uacf5\uacfc\uae08, \uc2dd\uc74c\ub8cc \ube44\uc6a9\uc774 \uac1d\uc2e4 \uc218\uc775\ubcf4\ub2e4 \ube60\ub974\uac8c \uc0c1\uc2b9\ud558\uc5ec \ub9c8\uc9c4 \uc555\ubc15\uc744 \uac00\ud558\uace0 \uc788\uc73c\uba70, \ud2b9\ud788 \uc911\uae09 \ud638\ud154\uc774 \uac00\uc7a5 \ud070 \uc601\ud5a5\uc744 \ubc1b\uc2b5\ub2c8\ub2e4.<br \/>\n    *   \ub300\uc548 \uc219\ubc15 \ud50c\ub7ab\ud3fc \ubc0f \ub2e8\uae30 \uc784\ub300 \uc219\uc18c\uc640\uc758 \uacbd\uc7c1 \uc2ec\ud654(-0.6%): 2024\ub144 \ub2e8\uae30 \uc784\ub300 \uc218\uc694\ub294 6.0% \uc99d\uac00\ud558\uc5ec \ud638\ud154 \uc218\uc694 \uc99d\uac00\uc728(0.1%)\uc744 \uc555\ub3c4\ud558\uba70, \ud2b9\ud788 \uac00\uaca9\uc5d0 \ubbfc\uac10\ud55c \ub3c4\uc2dc \uc9c0\uc5ed\uc5d0\uc11c \ud638\ud154 \uc218\uc775\uc744 \uc7a0\uc2dd\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n    *   \uc2e0\uaddc \uacf5\uae09\uc744 \uc81c\ud55c\ud558\ub294 \ub192\uc740 \uac74\uc124 \ubc0f \ub9ac\ub178\ubca0\uc774\uc158 \ube44\uc6a9(-0.5%).<br \/>\n    *   \ud22c\uc790 \uc2ec\ub9ac\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce58\ub294 \uac70\uc2dc \uacbd\uc81c \ubc0f \uc9c0\uc815\ud559\uc801 \uc704\ud5d8(-0.4%).<\/p>\n<p>\uc138\uadf8\uba3c\ud2b8 \ubd84\uc11d<\/p>\n<p>*   \uc790\uc0b0 \uc720\ud615\ubcc4:<br \/>\n    *   \ud638\ud154\uc740 2025\ub144 \ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc5d0\uc11c 68.05%\uc758 \uc555\ub3c4\uc801\uc778 \uc810\uc720\uc728\uc744 \ucc28\uc9c0\ud558\uba70 \uc120\ub450\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc804 \uc138\uacc4\uc801\uc73c\ub85c \uc778\uc815\ubc1b\ub294 \ube0c\ub79c\ub4dc, \uad11\ubc94\uc704\ud55c \uc720\ud1b5\ub9dd, \uadf8\ub9ac\uace0 \uade0\ud615 \uc7a1\ud78c \uc218\uc694 \uad6c\uc131\uc5d0 \uae30\uc778\ud569\ub2c8\ub2e4.<br \/>\n    *   \ub9ac\uc870\ud2b8 \ubc0f \uc2a4\ud30c \ubd80\ubb38\uc740 2031\ub144\uae4c\uc9c0 \uc5f0\ud3c9\uade0 4.88%\uc758 \uc131\uc7a5\ub960\uc744 \uae30\ub85d\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ub429\ub2c8\ub2e4. \uac74\uac15 \uc911\uc2ec \ud734\uac00\uc640 \uccb4\ud5d8\ud615 \uc219\ubc15\uc5d0 \ub300\ud55c \uc120\ud638\ub3c4 \uc99d\uac00\uac00 \uc774\ub7ec\ud55c \uc131\uc7a5\uc744 \uacac\uc778\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n    *   \uc11c\ube44\uc2a4\ub4dc \uc544\ud30c\ud2b8 \ubc0f \ubd80\ud2f0\ud06c \uc778\uc740 \uc7a5\uae30 \uccb4\ub958 \uc804\ubb38\uac00\uc640 \uc9c4\uc815\uc131\uc744 \ucd94\uad6c\ud558\ub294 \uad00\uad11\uac1d\uc758 \uc694\uad6c\ub97c \ucda9\uc871\uc2dc\ud0a4\uba70, \uc6b0\uc218\ud55c \uc6b4\uc601 \ub9c8\uc9c4\uacfc \uc9c0\uc18d \uac00\ub2a5\uc131\uc5d0 \ub300\ud55c \ucd08\uc810\uc744 \ud1b5\ud574 \ub9e4\ub825\uc744 \ub354\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>*   \uc720\ud615\ubcc4:<br \/>\n    *   \uccb4\uc778 \ud638\ud154\uc740 2025\ub144 \ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5 \uaddc\ubaa8\uc758 60.55%\ub97c \ucc28\uc9c0\ud558\uba70 \uc9c0\ubc30\uc801\uc778 \uc704\uce58\ub97c \ud655\ubcf4\ud588\uc2b5\ub2c8\ub2e4. \uae30\uc5c5 \uace0\uac1d \ubc0f \ub85c\uc5f4\ud2f0 \ud504\ub85c\uadf8\ub7a8, \uc911\uc559 \uc9d1\uc911\uc2dd \uc870\ub2ec \ubc0f \ucca8\ub2e8 \uae30\uc220, \ube0c\ub79c\ub4dc \uc9c0\uce68\uc774 \uac15\uc810\uc785\ub2c8\ub2e4.<br \/>\n    *   \ub3c5\ub9bd \ud638\ud154\uc740 2026\ub144\ubd80\ud130 2031\ub144\uae4c\uc9c0 \uc5f0\ud3c9\uade0 5.14%\uc758 \uacac\uace0\ud55c \uc131\uc7a5\ub960\uc744 \uae30\ub85d\ud558\uba70 \uccb4\uc778 \ud638\ud154\uc744 \ub2a5\uac00\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \uc774\ub294 \uc9c0\uc5ed \uacbd\ud5d8\uacfc \ub3c5\ud2b9\ud55c \ub514\uc790\uc778 \uc2a4\ud1a0\ub9ac\uc5d0 \ub300\ud55c \uc18c\ube44\uc790\ub4e4\uc758 \uc99d\uac00\ud558\ub294 \uc695\uad6c\uc5d0 \uc758\ud574 \uc8fc\ub3c4\ub418\uba70, \ub514\uc9c0\ud138 \ud50c\ub7ab\ud3fc\uacfc \uc790\uc0b0 \uacbd\ub7c9\ud654 \uad00\ub9ac \uacc4\uc57d\uc744 \ud1b5\ud574 \uc131\uc7a5\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>*   \uc790\uc0b0 \ub4f1\uae09\ubcc4:<br \/>\n    *   \uc911\uae09 \uc219\ubc15 \uc2dc\uc124\uc740 2025\ub144 \ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5 \ub9e4\ucd9c\uc758 \ub300\ubd80\ubd84\uc778 41.95%\ub97c \ucc28\uc9c0\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uade0\ud615 \uc7a1\ud78c \ud3b8\uc758 \uc2dc\uc124\uacfc \ud569\ub9ac\uc801\uc778 \uc694\uae08, \ud6a8\uc728\uc801\uc778 \uc6b4\uc601 \ubaa8\ub378\uc5d0 \uae30\uc778\ud569\ub2c8\ub2e4.<br \/>\n    *   \ub7ed\uc154\ub9ac \uc790\uc0b0\uc740 \uace0\uc561 \uc790\uc0b0\uac00 \uace0\uac1d\uc758 \uafb8\uc900\ud55c \uc9c0\ucd9c\uacfc \uc2dc\uadf8\ub2c8\ucc98 \uacbd\ud5d8\uc5d0 \ub300\ud55c \uc0c8\ub85c\uc6b4 \uad00\uc2ec \ub355\ubd84\uc5d0 2031\ub144\uae4c\uc9c0 \uc5f0\ud3c9\uade0 5.29%\uc758 \uac15\ub825\ud55c \uc131\uc7a5\ub960\uc744 \ubcf4\uc77c \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \ucd5c\uace0\uae09 \ube0c\ub79c\ub4dc\ub294 \uc0c1\ub2f9\ud55c \uac00\uaca9 \uacb0\uc815\ub825\uc744 \ud589\uc0ac\ud558\uba70, \ube0c\ub79c\ub4dc \ub808\uc9c0\ub358\uc2a4, \uc758\ub8cc \uc6f0\ub2c8\uc2a4, \uace0\ud488\uaca9 \ucee8\uc2dc\uc5b4\uc9c0 \uc11c\ube44\uc2a4\ub97c \ud1b5\ud574 \ubd80\ub300 \uc218\uc775 \ucc44\ub110\uc744 \uc2ec\ud654\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n    *   \uc800\uac00 \ubd80\ubb38\uc740 \ub2e8\uae30 \uc784\ub300 \uc219\ubc15 \uc2dc\uc124\ub85c\ubd80\ud130 \ub300\uccb4 \uc704\ud5d8\uc5d0 \uc9c1\uba74\ud558\uace0 \uc788\uc73c\uba70, \uac1d\uc2e4 \ud604\ub300\ud654, \uc140\ud504\uc11c\ube44\uc2a4 \uae30\uc220 \ud1b5\ud569, \ud30c\ud2b8\ub108\uc2ed\uc744 \ud1b5\ud574 \ub300\uc751\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc9c0\uc5ed\ubcc4 \ubd84\uc11d<\/p>\n<p>*   \uc544\uc2dc\uc544 \ud0dc\ud3c9\uc591\uc740 2025\ub144 \uc804 \uc138\uacc4 \ub9e4\ucd9c\uc758 38.35%\ub97c \ucc28\uc9c0\ud558\uba70 \ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc758 \uc8fc\uc694 \uc131\uc7a5 \ub3d9\ub825\uc73c\ub85c\uc11c\uc758 \uc704\uc0c1\uc744 \ubc18\uc601\ud569\ub2c8\ub2e4. \uc77c\ubcf8\uc740 \uc9c0\uc5ed \uad6d\uacbd \uac04 \uc790\ubcf8 \ud750\ub984\uc758 \uac70\uc758 50%\ub97c \ud761\uc218\ud588\uc73c\uba70, \uc911\uad6d\uc758 \uad6d\ub0b4 \uad00\uad11\uc740 \ub300\uaddc\ubaa8 \uc778\ud504\ub77c \ud655\uc7a5\uc73c\ub85c \uc131\uc7a5\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc778\ub3c4\ub294 \uc911\uc0b0\uce35 \uc18c\ub4dd \uc99d\uac00\ub85c \uad6d\ub0b4 \uc5ec\ud589\uc774 \ud65c\uc131\ud654\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \uc911\ub3d9 \ubc0f \uc544\ud504\ub9ac\uce74\ub294 2026\ub144\ubd80\ud130 2031\ub144\uae4c\uc9c0 \uac00\uc7a5 \ube60\ub978 \uc5f0\ud3c9\uade0 6.06%\uc758 \uc131\uc7a5\ub960\uc744 \uae30\ub85d\ud560 \uc900\ube44\uac00 \ub418\uc5b4 \uc788\uc2b5\ub2c8\ub2e4. \uc0ac\uc6b0\ub514\uc544\ub77c\ube44\uc544\uc758 \ube44\uc804 2030\uc740 \uad00\uad11 \uc9c0\uad6c\uc5d0 \ub300\uaddc\ubaa8 \uacf5\uacf5 \uc790\ubcf8\uc744 \ud22c\uc785\ud558\uace0 \uc788\uc73c\uba70, UAE\ub294 \ub300\uaddc\ubaa8 \ud589\uc0ac \uc77c\uc815\uc744 \ud1b5\ud574 \uad00\ubb38 \ud5c8\ube0c\ub85c\uc11c\uc758 \uba85\uc131\uc744 \uad73\uac74\ud788 \ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<br \/>\n*   \ubd81\ubbf8 \ubc0f \uc720\ub7fd\uc740 \uad11\ubc94\uc704\ud55c \uc778\ud504\ub77c, \ud48d\ubd80\ud55c \uc778\uc7ac \ud480, \ub2e4\uc591\ud55c \ub808\uc800 \ubc0f \uae30\uc5c5 \uc218\uc694 \ubc1c\uc0dd\uc6d0\uc744 \ud1b5\ud574 \uac15\uc790\ub85c\uc11c\uc758 \uc9c0\uc704\ub97c \uc720\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ub7f0\ub358\uc740 2024\ub144 \ud638\ud154 \ud22c\uc790\uc5d0\uc11c 1\uc704\ub97c \ud0c8\ud658\ud588\uc73c\uba70, \ub274\uc695\uacfc \uc6cc\uc2f1\ud134 D.C.\ub294 \ud68c\ubcf5\ub825 \uc788\ub294 \ub2e8\uccb4 \uc608\uc57d \ud30c\uc774\ud504\ub77c\uc778\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub4e4 \uc131\uc219 \uc2dc\uc7a5\uc740 \uc2e0\ud765 \uc2dc\uc7a5\uc758 \ub192\uc740 \uc131\uc7a5 \ub9e4\ub825\uc744 \uc0c1\uc1c4\ud558\ub294 \uc548\uc815\uc131\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4.<\/p>\n<p>\uacbd\uc7c1 \ud658\uacbd<\/p>\n<p>\ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc740 \uc911\uac04 \uc815\ub3c4\uc758 \uc9d1\uc911\ub3c4\ub97c \ubcf4\uc774\uba70, \uc0c1\uc704 5\uac1c REITs\uc640 \ub300\ud615 \uc0ac\ubaa8 \ud380\ub4dc \ud50c\ub7ab\ud3fc\uc740 \ud504\ub9ac\ubbf8\uc5c4 \ub3c4\uc2dc \ubd80\ub3d9\uc0b0\uc758 \ub300\ubd80\ubd84\uc744 \uc18c\uc720\ud558\uba70 \uc870\ub2ec, \ube0c\ub79c\ub529 \ubc0f \uc720\ud1b5\uc5d0\uc11c \uc0c1\ub2f9\ud55c \uaddc\ubaa8\uc758 \uc774\uc810\uc744 \ub204\ub9ac\uace0 \uc788\uc2b5\ub2c8\ub2e4. Host Hotels &#038; Resorts, Apple Hospitality REIT, Ryman Hospitality Properties \ub4f1\uc774 \uc8fc\uc694 \ud50c\ub808\uc774\uc5b4\uc785\ub2c8\ub2e4.<\/p>\n<p>\uae30\uc220 \ucc44\ud0dd \uc99d\uac00\ub294 \uc0c8\ub85c\uc6b4 \uacbd\uc7c1 \ucd95\uc744 \ud615\uc131\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. AI \ucc57\ubd07\uc740 \uc9c1\uc811 \uc608\uc57d \uc804\ud658\uc728\uc744 25% \ub192\uc774\uba70, \uc9c0\ub2a5\ud615 \uac00\uaca9 \ucc45\uc815 \uc5d4\uc9c4\uc740 \ucd1d \uac1d\uc2e4 \uc218\uc775\uc744 \ucd5c\ub300 10%\uae4c\uc9c0 \uc99d\uac00\uc2dc\ud0b5\ub2c8\ub2e4. \uc5d0\ub108\uc9c0 \ucd5c\uc801\ud654 \ud50c\ub7ab\ud3fc\uc740 \uc720\ud2f8\ub9ac\ud2f0 \uc9c0\ucd9c\uc744 \uc904\uc774\uace0 ESG \uc758\ubb34\ub97c \ucda9\uc871\ud558\ub3c4\ub85d \ub3d5\uc2b5\ub2c8\ub2e4. \ub3c5\ub9bd \uc6b4\uc601\uc0ac\ub4e4\uc740 \ud074\ub77c\uc6b0\ub4dc \uae30\ubc18 \uc790\uc0b0 \uad00\ub9ac \uc2dc\uc2a4\ud15c\uc744 \ud65c\uc6a9\ud558\uc5ec \uccb4\uc778 \ud638\ud154\uc758 \ub514\uc9c0\ud138 \uc815\uad50\ud568\uc5d0 \ud544\uc801\ud569\ub2c8\ub2e4. \ub300\uc548 \uc219\ubc15 \ud50c\ub7ab\ud3fc\uc758 \uc99d\uac00\ub294 \uae30\uc874 \ud638\ud154\ub4e4\uc774 \uccb4\ud5d8\uc801 \uc694\uc18c\uc640 \ub85c\uc5f4\ud2f0 \ud61c\ud0dd\uc744 \uac15\ud654\ud558\ub3c4\ub85d \uc555\ub825\uc744 \uac00\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ubbf8\uac1c\ucc99 \uc2dc\uc7a5 \uae30\ud68c\ub294 \uc0ac\uc6b0\ub514\uc544\ub77c\ube44\uc544\uc758 2\ucc28 \ub3c4\uc2dc, \uc778\ub3c4 \ubd81\ubd80 \uad00\uad11 \uc11c\ud0b7, \uadf8\ub9ac\uace0 \uc0c8\ub85c\uc6b4 \uad6d\uc81c \ud45c\uc900 \uc778\ubca4\ud1a0\ub9ac\uac00 \ubd80\uc871\ud55c \ud2b9\uc815 \uc544\ud504\ub9ac\uce74 \ud574\uc548 \ud5c8\ube0c\uc640 \uac19\uc774 \uacf5\uae09\uc774 \ubd80\uc871\ud55c \uc9c0\uc5ed\uc5d0\uc11c \uc99d\uac00\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc720\uc5f0\ud55c \uccb4\ub958 \uac1c\ub150, \ud558\uc774\ube0c\ub9ac\ub4dc \ucf54\uc6cc\ud0b9-\ud638\ud154 \uacf5\uac04, \ube0c\ub79c\ub4dc \ub808\uc9c0\ub358\uc2a4\ub294 \uc218\uc785\uc744 \ub2e4\uac01\ud654\ud558\uace0 \uace0\uac1d \uc0dd\uc560 \uac00\uce58\ub97c \ud655\uc7a5\ud560 \uc218 \uc788\ub294 \ucd94\uac00\uc801\uc778 \uae38\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \uacbd\uc7c1 \uc131\uacf5\uc740 \uc704\ud5d8 \uc870\uc815\ub41c \uc704\uce58 \uc120\uc815, \ube0c\ub79c\ub4dc \uba85\ud655\uc131, \uadf8\ub9ac\uace0 \uc9c4\ud654\ud558\ub294 \uc5ec\ud589\uac1d \uc218\uc694\uc5d0 \ub300\ube44\ud558\uc5ec \uc790\uc0b0\uc744 \ubbf8\ub798\uc5d0 \ub300\ube44\uc2dc\ud0a4\ub294 \uae30\uc220 \ud22c\uc790\uc5d0 \ub2ec\ub824 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ucd5c\uadfc \uc0b0\uc5c5 \ub3d9\ud5a5<\/p>\n<p>*   2025\ub144 5\uc6d4: Ryman Hospitality Properties\uac00 JW Marriott Phoenix Desert Ridge Resort\ub97c 8\uc5b5 6,500\ub9cc \ub2ec\ub7ec\uc5d0 \uc778\uc218\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   2025\ub144 2\uc6d4: Host Hotels &#038; Resorts\uac00 15\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8\uc758 2024\ub144 \uc778\uc218(\ub0b4\uc288\ube4c \ubcf5\ud569 \ud638\ud154 \ud3ec\ud568)\ub97c \uc644\ub8cc\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   2025\ub144 1\uc6d4: Apple Hospitality REIT\uac00 1\uc5b5 1,700\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 \uc778\uc218\ub97c \uc644\ub8cc\ud558\uace0 6,300\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ube44\ud575\uc2ec \ud638\ud154 6\uac1c\ub97c \ub9e4\uac01\ud588\uc2b5\ub2c8\ub2e4.<br \/>\n*   2024\ub144 5\uc6d4: Henderson Park\uac00 Arizona Biltmore\ub97c 7\uc5b5 500\ub9cc \ub2ec\ub7ec\uc5d0 \ub9e4\uc785\ud558\uc5ec \uc0c1\uc9d5\uc801\uc778 \ub9ac\uc870\ud2b8 \uc790\uc0b0\uc5d0 \ub300\ud55c \ud22c\uc790\uc790\ub4e4\uc758 \uc9c0\uc18d\uc801\uc778 \uad00\uc2ec\uc744 \ubcf4\uc5ec\uc8fc\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ubcf8 \ubcf4\uace0\uc11c\ub294 \ud638\ud154, \ub9ac\uc870\ud2b8, \uc2a4\ud30c \ub4f1 \ub2e4\uc591\ud55c \uc219\ubc15 \uc2dc\uc124\uc744 \ud3ec\ud568\ud558\ub294 \ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc5d0 \ub300\ud55c \uc885\ud569\uc801\uc778 \ubd84\uc11d\uc744 \uc81c\uacf5\ud569\ub2c8\ub2e4. \uc2dc\uc7a5 \uc815\uc758, \uc5f0\uad6c \ubc29\ubc95\ub860, \uc8fc\uc694 \ud1b5\ucc30\ub825 \ubc0f \ubbf8\ub798 \uc804\ub9dd\uc744 \ub2e4\ub8e8\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc740 2026\ub144 5.12\uc870 \ub2ec\ub7ec \uaddc\ubaa8\uc5d0\uc11c 2031\ub144\uae4c\uc9c0 6.27\uc870 \ub2ec\ub7ec\ub85c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. 2025\ub144 \uae30\uc900 \uc544\uc2dc\uc544-\ud0dc\ud3c9\uc591 \uc9c0\uc5ed\uc774 \uc804 \uc138\uacc4 \ub9e4\ucd9c\uc758 38.35%\ub97c \ucc28\uc9c0\ud558\uba70 \uc2dc\uc7a5\uc744 \uc120\ub3c4\ud558\uace0 \uc788\uc73c\uba70, \uc774\ub294 \uacac\uace0\ud55c \ud22c\uc790\uc640 \uad6d\ub0b4 \uad00\uad11 \uc131\uc7a5\uc5d0 \ud798\uc785\uc740 \ubc14\uac00 \ud07d\ub2c8\ub2e4. \ud638\ud154 \ubd80\ubb38\uc740 68.05%\uc758 \uc810\uc720\uc728\ub85c \uac00\uc7a5 \ud070 \ube44\uc911\uc744 \ucc28\uc9c0\ud558\uba70, \uad11\ubc94\uc704\ud55c \ube0c\ub79c\ub4dc \uc720\ud1b5\ub9dd\uacfc \uae30\uc5c5 \uc218\uc694\uc5d0 \uc758\ud574 \uc9c0\uc9c0\ubc1b\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc2dc\uc7a5 \uc131\uc7a5\uc758 \uc8fc\uc694 \ub3d9\ub825\uc73c\ub85c\ub294 \uae00\ub85c\ubc8c \uad00\uad11 \ubc0f \uae30\uc5c5 \ucd9c\uc7a5 \ud65c\ub3d9\uc758 \uc0c1\ub2f9\ud55c \ud68c\ubcf5, \uc8fc\uc694 \uad00\ubb38 \ub3c4\uc2dc\uc5d0\uc11c\uc758 \uad6d\uacbd \uac04 \ud638\ud154 \uac70\ub798 \uc99d\uac00, \ub3c4\uc2dc \ubc0f \ub808\uc800 \uc2dc\uc7a5\uc5d0\uc11c\uc758 RevPAR \ubc0f ADR\uacfc \uac19\uc740 \uac15\ub825\ud55c \uc131\uacfc \uc9c0\ud45c, REITs, \uc0ac\ubaa8 \ud380\ub4dc \ubc0f \uae30\uad00 \ud22c\uc790\uc790\ub4e4\uc758 \ud22c\uc790 \ud655\ub300\uac00 \uc788\uc2b5\ub2c8\ub2e4. \ub610\ud55c, \ud638\ud154 \uc6b4\uc601 \ubc0f \uace0\uac1d \uacbd\ud5d8\uc5d0 \uc2a4\ub9c8\ud2b8 \uae30\uc220\uc774 \ube60\ub974\uac8c \ub3c4\uc785\ub418\uace0 \uc788\uc73c\uba70, \uc804\ud1b5\uc801\uc778 \uc0c1\uc5c5\uc6a9 \ubd80\ub3d9\uc0b0 \ubd80\ubb38\ubcf4\ub2e4 \ud658\ub300 \uc0b0\uc5c5\uc73c\ub85c \uc790\ubcf8 \ubc30\ubd84\uc774 \uc804\ud658\ub418\ub294 \ucd94\uc138\ub3c4 \uae0d\uc815\uc801\uc778 \uc601\ud5a5\uc744 \ubbf8\uce58\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ubc18\uba74, \uc2dc\uc7a5\uc758 \uc81c\uc57d \uc694\uc778\uc73c\ub85c\ub294 \uc6b4\uc601 \ube44\uc6a9 \uc0c1\uc2b9\uc73c\ub85c \uc778\ud55c \ud638\ud154 \uc218\uc775\uc131 \uc800\ud558, \ub192\uc740 \uac74\uc124 \ubc0f \ub9ac\ub178\ubca0\uc774\uc158 \ube44\uc6a9\uc73c\ub85c \uc778\ud55c \uc2e0\uaddc \uacf5\uae09 \uc81c\ud55c, \uac70\uc2dc \uacbd\uc81c \ubc0f \uc9c0\uc815\ud559\uc801 \uc704\ud5d8\uc73c\ub85c \uc778\ud55c \ud22c\uc790 \uc2ec\ub9ac \uc704\ucd95\uc774 \uc788\uc2b5\ub2c8\ub2e4. \ud2b9\ud788, \uc5d0\uc5b4\ube44\uc564\ube44\uc640 \uac19\uc740 \ub300\uccb4 \uc219\ubc15 \ud50c\ub7ab\ud3fc \ubc0f \ub2e8\uae30 \uc784\ub300 \uc2dc\uc7a5\uacfc\uc758 \uacbd\uc7c1 \uc2ec\ud654\ub294 \ud638\ud154\uc758 \ud3c9\uade0 \uc77c\uc77c \uc694\uae08(ADR)\uc5d0 \uc555\ub825\uc744 \uac00\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. 2025\ub144 \ub2e8\uae30 \uc784\ub300 \uc2dc\uc7a5\uc740 5.90%\uc758 \uc218\uc694 \uc131\uc7a5\uc744 \uae30\ub85d\ud55c \ubc18\uba74, \ud638\ud154\uc740 0.08%\uc5d0 \uadf8\ucce4\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uae30\uc220 \ubc1c\uc804\uc740 \ud658\ub300 \uc0b0\uc5c5\uc758 \uc218\uc775\uc131 \ud5a5\uc0c1\uc5d0 \uc911\uc694\ud55c \uc5ed\ud560\uc744 \ud569\ub2c8\ub2e4. AI \uae30\ubc18 \uc218\uc775 \uad00\ub9ac \uc2dc\uc2a4\ud15c\uc740 \uac1d\uc2e4 \uc218\uc775\uc744 6-10% \uc99d\uac00\uc2dc\ud0a4\uace0, \ucc57\ubd07\uc740 \uc9c1\uc811 \uc608\uc57d\ub960\uc744 25% \ub192\uc5ec \uc6b4\uc601\uc790\uc758 \uc218\uc775\uc131\uc744 \uac1c\uc120\ud558\ub294 \ub370 \uae30\uc5ec\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc790\uc0b0 \ub4f1\uae09\ubcc4\ub85c\ub294 \uace0\uc561 \uc790\uc0b0\uac00\ub4e4\uc774 \ud504\ub9ac\ubbf8\uc5c4 \uacbd\ud5d8\uc744 \uc6b0\uc120\uc2dc\ud568\uc5d0 \ub530\ub77c \ub7ed\uc154\ub9ac \ud638\ud154\uc774 2031\ub144\uae4c\uc9c0 \uc5f0\ud3c9\uade0 5.29%\ub85c \uac00\uc7a5 \ube60\ub974\uac8c \uc131\uc7a5\ud560 \uac83\uc73c\ub85c \uc804\ub9dd\ub429\ub2c8\ub2e4.<\/p>\n<p>\ubcf4\uace0\uc11c\ub294 \ub610\ud55c \uc2dc\uc7a5 \uc9d1\uc911\ub3c4, \uc8fc\uc694 \uae30\uc5c5\ub4e4\uc758 \uc804\ub7b5\uc801 \uc6c0\uc9c1\uc784, \uc2dc\uc7a5 \uc810\uc720\uc728 \ubd84\uc11d\uc744 \ud3ec\ud568\ud55c \uacbd\uc7c1 \ud658\uacbd\uc744 \uc0c1\uc138\ud788 \ub2e4\ub8e8\uace0 \uc788\uc2b5\ub2c8\ub2e4. Marriott International, Hilton Worldwide, IHG, Accor \ub4f1 \uc8fc\uc694 \uae30\uc5c5\ub4e4\uc758 \ud504\ub85c\ud544\uc774 \uc81c\uc2dc\ub429\ub2c8\ub2e4. \uaddc\uc81c \ubc0f \uc815\ucc45 \ud658\uacbd, ESG \ubc0f \uc9c0\uc18d\uac00\ub2a5\uc131 \uc758\uc81c, \ubd80\ub3d9\uc0b0 \ubc0f FDI\ub97c \ud3ec\ud568\ud55c \ud22c\uc790 \ub3d9\ud5a5, \uadf8\ub9ac\uace0 \ud3ec\ud130\uc758 5\uac00\uc9c0 \uacbd\uc7c1 \uc694\uc778 \ubd84\uc11d\ub3c4 \ud3ec\ud568\ub418\uc5b4 \uc788\uc2b5\ub2c8\ub2e4. COVID-19 \ud32c\ub370\ubbf9\uc758 \uc601\ud5a5 \ub610\ud55c \uc5f0\uad6c\uc5d0 \ubc18\uc601\ub418\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\uc804\ubc18\uc801\uc73c\ub85c \ud658\ub300 \ubd80\ub3d9\uc0b0 \uc2dc\uc7a5\uc740 \ub3c4\uc804 \uacfc\uc81c\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 \uac15\ub825\ud55c \ud68c\ubcf5\ub825\uacfc \uc131\uc7a5 \uc7a0\uc7ac\ub825\uc744 \ubcf4\uc5ec\uc8fc\uace0 \uc788\uc73c\uba70, \uae30\uc220 \ud601\uc2e0\uacfc \uc804\ub7b5\uc801 \ud22c\uc790\ub97c \ud1b5\ud574 \ubbf8\ub798 \uc131\uc7a5\uc744 \ubaa8\uc0c9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-29835","post","type-post","status-publish","format-standard","hentry","category-market-reports"],"_links":{"self":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts\/29835"}],"collection":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/comments?post=29835"}],"version-history":[{"count":0,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/posts\/29835\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/media?parent=29835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/categories?post=29835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalresearch.co.kr\/insight\/wp-json\/wp\/v2\/tags?post=29835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}