분양형 호텔, 무너진 고수익의 꿈 [풀영상]ㅣ시사기획 창 304회 (2020.10.24)

Claiming to address the shortage of accommodation facilities, the government enacted the so-called "Hotel Special Act" in 2012. It was a law that truly amounted to "special privileges," showering the public with all sorts of benefits, such as relaxed floor area ratios and parking space requirements. As a result, over 1,000 tourist hotels were built nationwide, centered around the Seoul metropolitan area, and construction and development companies scrambled to share in these welcome benefits. Given the severe slump in the housing market at the time, demand for new income-generating real estate was high. Amidst this social atmosphere, "condominium hotels"—accommodation facilities that combine the features of both hotels and officetels—emerged. ■ "We invite you to become the owner of a luxury hotel": The trap of high returns The reaction to "condominium hotels" was truly "hot." With promises of high returns reaching a steady 10% every month and unlimited use of hotel facilities, they were so popular that people lined up to purchase them. They appeared to possess a special quality distinct from other income-generating real estate. Perhaps for this reason, they easily achieved sell-out records whenever they were offered for sale. According to the Association of Condominium Hotels, over 150 condominium hotels have been built, meaning the scale has grown more than tenfold in the past eight years. However, problems began to surface once operations commenced following the sale. Most failed to pay the promised returns within a few months, or at most, less than a year. The operators claimed that "operations are not proceeding properly due to the slump in the tourism industry caused by the aftermath of THAAD," and asked for patience, promising to "keep promises once the economy recovers." Although several years have passed, it is difficult to find any place that has received proper returns to date. Most buyers waited for the situation to improve while bearing the burden of loan interest, hotel management fees, and property taxes. The problem was particularly severe for the elderly aged 60 and over who purchased the properties to prepare for their retirement. There was a surge of buyers who sold their homes to pay the interest or went bankrupt after holding out on debt. ■ "Business is bad, so we can't pay"... Winning the Trial Is Useless Seeing no solution in sight no matter how long they waited, they eventually began a legal battle. According to data from the Ministry of Health and Welfare, over 90% of fractional ownership hotels have filed lawsuits. The victims believed that since they had signed the contracts but were not receiving the promised money, the crime of fraud would be established; however, not a single entity was punished for fraud. Proving intent to commit fraud from the beginning is required, but each company evaded responsibility by claiming, "It was not intentional." The victims also filed lawsuits for the return of profits to recover their money. However, even if they won the trial, there was no way to receive the funds. Most evaded responsibility by siphoning off corporate assets in advance to avoid debt or by intentionally declaring the company bankrupt. Even when they asked to see the accounting ledgers to understand the severity of the situation, they only received the answer, "We cannot show them as it is not an obligation." This is because, under current law, entrusted management companies are not obligated to disclose accounting details to hotel fractional owners. From the perspective of the fractional owners, there was no way to determine whether business was truly poor or if profits were being withheld despite the business being successful. Structurally, there is virtually no way to check or monitor the moral hazard of operating companies. ■ Ministry of Health and Welfare? Ministry of Culture, Sports and Tourism? Ministry of Land, Infrastructure and Transport? They Turn a "Neglect" on the Solution Surprisingly, the supervising ministry for "condominium hotels" is the Ministry of Health and Welfare. This is because they are classified as "general accommodation facilities" under current law. However, does the Ministry properly manage them? That was not the case either. Since the Ministry's primary supervisory authority is limited to "hygiene inspections," it is virtually impossible to intervene in operational matters, such as issues arising from the non-payment of profits—a major point of contention for condominium hotels. The Ministry of Culture, Sports and Tourism also lacks the legal authority to intervene in resolving issues because they are not classified as "tourism hotels." While the Ministry of Land, Infrastructure and Transport oversees the management of the sales process, it holds neither responsibility nor authority regarding disputes that arise after the sales are completed. Ultimately, there is virtually no ministry capable of resolving the various problems currently occ...