Police said more than 565 first-year students from Busan University of Foreign Studies were attending a welcome party for incoming students at the resort hotel in Gyeongju, south of Seoul, when the collapse occurred, South Korean news agency Yonhap reported.
Police said about 30-40 students were rescued and taken to area hospitals, Arirang News reported.
The cause of the collapse is still unknown, but authorities say that the ceiling likely caved in because of recent, heavy snow.
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