05.11.2014 Views

Bangkok Luxury & upper ScaLe HoteL Market report - Colliers

Bangkok Luxury & upper ScaLe HoteL Market report - Colliers

Bangkok Luxury & upper ScaLe HoteL Market report - Colliers

SHOW MORE
SHOW LESS

Create successful ePaper yourself

Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.

Q1 2011 | HOTEL<br />

thailand<br />

<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale<br />

Hotel <strong>Market</strong> REPORT<br />

<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale<br />

Hotel <strong>Market</strong><br />

Executive Summary<br />

Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1<br />

2011 than the previous quarter. Rates in Q1 2011 are comparable to those registered in Q1 2010.<br />

market indicators<br />

The trend is still for hotels, especially in <strong>Luxury</strong> segment, to drive rates down in order to compete<br />

and this looks set to continue. A “risk discount” seems to be being applied in the case of hotels in<br />

areas deemed prone to further political strife.<br />

new Supply<br />

RATES<br />

Occupancy<br />

RevPAR<br />

Q4 2010/Q1 2011<br />

Middle Eastern, Indian and Chinese visitors continue to be a growing presence in the <strong>Bangkok</strong><br />

tourism industry especially during the low season. However traditional tourist markets, the<br />

mainstay of the Upper/<strong>Luxury</strong> segment (ULS), have begun to return to the city. The effect of the<br />

reduction in long term bookings after events last April and May appears to be abating.<br />

Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. Only continued<br />

strong growth in tourism can mitigate this situation. There will be no respite for the industry for<br />

some time to come.<br />

Note<br />

For the purposes of this <strong>report</strong> the use of the word “hotel”<br />

shall refer to the Upper Scale and <strong>Luxury</strong> hotel ratings<br />

that are the subject of this <strong>report</strong>. Hotels with ratings<br />

below these will be mentioned by their particular category.<br />

Please refer to the appendix for hotel category definitions.<br />

Additional Supply by Quarter in Upper/<strong>Luxury</strong> segments<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

In Q1 2011 a total of around 75 rooms were added to supply in <strong>Bangkok</strong> in the ULS with the<br />

opening of just one hotel, The Sivatel <strong>Bangkok</strong>, in the Northern CBD area. The total number of<br />

rooms at the end of Q1 2011 was more than 15,100 in the ULS.<br />

www.colliers.co.th


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Supply by Location, as of Q1 2011<br />

Source : <strong>Colliers</strong> International Thailand Research<br />

While in every area Upper scale hotel rooms are in greater supply, their<br />

proportion in relation to <strong>Luxury</strong> hotels reflects the nature of each area.<br />

The Northern CBD contains the high-end shopping malls, comparable to<br />

what “The Magnificent Mile” is to Chicago, or Nevski Prospekt to St<br />

Petersburg. As such, many <strong>Luxury</strong> scale hotels are located there. The<br />

Riverside is also known as a prestigious area, due to its scenic location,<br />

and again <strong>Luxury</strong> hotels make up a large slice of the hotel market. The<br />

Southern CBD is split between the eastern part of Sathorn road and<br />

Rama IV, containing more <strong>Luxury</strong> hotels, whilst the older CBD area of<br />

Silom contains a much greater share of Upper scale hotels.<br />

The Sukhumvit area contains a greater proportion of Upper Scale rooms<br />

compared to <strong>Luxury</strong> ones. The more down-to-earth nature of this area<br />

means that fewer <strong>Luxury</strong> hotels are located here. The distance of the<br />

Eastern area and Northern area from the centre explains why no <strong>Luxury</strong><br />

hotels are located in these areas and only a limited number of Upper<br />

scale rooms. Also, these areas have a limited concentration of tourist<br />

facilities.<br />

COLLIERS INTERNATIONAL | P. 2


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Comparable Supply between <strong>Luxury</strong> & Upper Scale Hotel and Mid Scale Hotel<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

The CBD and Riverside are seen as the more high end locations due to<br />

either being in the centre of the city or by the attractive riverfront. This<br />

is reflected in the greater supply of rooms in the ULS. The Northern area<br />

is the main player in the Mid scale end of the market as it is located away<br />

from the centre but access to the BTS makes it a popular location for<br />

businessmen and tourists seeking no-frills but still comfortable<br />

accommodation.<br />

COLLIERS INTERNATIONAL | P. 3


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Future Supply<br />

Cumulative future supply of hotel rooms by grade and year, 2011 – 2013<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

Nearly 1,400 rooms in the ULS are scheduled to be completed in 2011<br />

and more than 6,000 rooms in the next two years in the ULS are<br />

scheduled to be added to the market.<br />

Due to the political protests during April and May 2010 a number of<br />

construction projects in the Northern CBD area postponed their opening<br />

date to 2011.<br />

It is interesting to note the significant amount of Upper/<strong>Luxury</strong> scale<br />

hotel rooms that are due to be supplied compared to those in the Mid<br />

Scale category. Normally is would be expected that Mid Scale trumps<br />

the combined supply of the ULS. This would seem to go against the<br />

trend for a greater demand from clientele for no-frills affordable<br />

accommodation as a consequence of the changing dynamics of the<br />

tourism market in the city. Many developers are still keen on the higher<br />

end hotel categories in <strong>Bangkok</strong>.<br />

COLLIERS INTERNATIONAL | P. 4


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Cumulative future supply of hotel by location, 2011– 2013<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

Sukhumvit is the most popular area for developments in the future,<br />

representing 34% of all future supply for <strong>Bangkok</strong>. Many developers<br />

have selected to develop hotels in this area due to the convenience to the<br />

BTS provided along Sukhumvit road which is suitable for tourists and<br />

business people alike as well as the vibrant nature of the road. The<br />

eclectic nature of Sukhumvit has meant that it has attracted a significant<br />

number of boutique style hotels that challenge and innovate within the<br />

higher end segments. Many in the area are independent, non-branded<br />

hotels. This represents an interesting investment niche for the foreseeable<br />

future. However the Northern CBD continues to be the main focus for<br />

<strong>Luxury</strong> scale projects due to its location amongst the most prestigious<br />

retail area, offices, embassies and BTS connections.<br />

Although Thailand has been afflicted with a myriad of problems during<br />

the past three years, <strong>Bangkok</strong> still remains a popular destination for<br />

foreign tourists and business people so there still remains a strong<br />

interest in developing hotels in <strong>Bangkok</strong> both from domestic and<br />

international investors.<br />

COLLIERS INTERNATIONAL | P. 5


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Demand – Occupancy Rate<br />

Average Occupancy Rate of <strong>Luxury</strong> & Upper Scale Hotel during the years Q1<br />

2009–Q1 201<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

Average occupancy rates have been rising since Q2 2010 although Q4<br />

2010 and Q1 2011 represent the traditional high season for the city. A<br />

better comparison is between the same quarter for different years which<br />

reflects seasonality. For the <strong>Luxury</strong> scale segment occupancy increased<br />

significantly in Q1 2011 compared to Q1 2010 from the mid sixties to the<br />

high seventies. However a small decrease was recorded in the Upper<br />

Scale segment with a few percentage points drop.<br />

Although lower room rates are a key factor for the positive numbers in<br />

the <strong>Luxury</strong> end market, another factor is likely to be the effect of last<br />

years events in April and May had on long term bookings that more<br />

directly impacted the high end hotels that cater for this traditional market.<br />

This probably accounted for the poor figures for Q4 2010 but the<br />

resumption of long term bookings later in 2010 had a beneficial effect on<br />

the occupancy in Q1 2011.<br />

COLLIERS INTERNATIONAL | P. 6


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Demand Drivers Focus<br />

International Tourists Arrivals to Thailand at Suvarnabhumi International Airport by Quarter<br />

Source: Department of Tourism<br />

The figures relate to arrivals to the main airport in Thailand and many<br />

arrivals may depart for other resorts and cities rather than visiting<br />

<strong>Bangkok</strong>. However the numbers provide some indication as to <strong>Bangkok</strong><br />

as a destination.<br />

Tourism numbers in Q1 2011 were strong compared to the previous<br />

quarter and the figures in Q1 2011 are the highest in the last 3 years. The<br />

total number of tourist arrivals to Suvarnabhumi in Q1 of 2011 was more<br />

than 3.4 million, an increase of approximately 9% from Q1 2010 and 13%<br />

from the previous quarter, This is despite the disaster in Japan, unrest<br />

in the Middle East and North Africa; and the severe floods and mudslides<br />

in 10 southern provinces of Thailand in March, which inversely impacted<br />

the tourism market to a degree.<br />

The disaster in Japan will have affected Japanese tourists, to judge from<br />

the number of foreign tourists arriving in Thailand at Suvarnabhumi<br />

international airport by Immigration Bureau. Although Japanese arrivals<br />

increased by 5.8% in March compared to the same month last year, this<br />

was less than the 10% increase recorded for February. As the disaster<br />

occurred at the end of March the real effect will be noticed in Q2 2011.<br />

The Japanese are an especially strong market in <strong>Bangkok</strong> as well as<br />

Chiang Mai.<br />

Regional situation<br />

Thailand’s neighbours such as Cambodia, Vietnam, Laos and Myanmar<br />

are recording very robust growth rates in tourism arrivals. Although the<br />

numbers from these four countries together amount to about 60% of the<br />

total figures for Thailand, the continued growth which is far outpacing<br />

Thailand, will likely lead to further competition in the region as tourist<br />

infrastructure is upgraded in these emerging economies. Vietnam<br />

recorded a nearly 35% increase y/y in 2010 and now has 5 million<br />

visitors compared to Thailand’s 15.8 million. Further afield many other<br />

countries are showing better tourism growth numbers than Thailand for<br />

2010. Singapore, Taiwan, Maldives, Philippines all grew at a much<br />

greater rate than Thailand. The new player for 2010<br />

was Sri Lanka, which after years of bloody conflict is now gaining a<br />

peace dividend with a 45% increase in arrivals in 2010 with over<br />

650,000 visitors in 2010. While Thailand is benefiting from the surge in<br />

Asian tourism, it remains one of the laggards.<br />

COLLIERS INTERNATIONAL | P. 7


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Rates<br />

Average daily rate by grade for Q1 2010–Q1 2011<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

Average daily rate (ADR) for <strong>Luxury</strong> scale hotels in Q1 2011 fell from the<br />

previous quarter by around 16%, due to the competition from Upper<br />

scale hotels and in a bid to drive up occupancy with, in all likelihood,<br />

corresponding pressure for a more competitive pricing in the long term<br />

booking sector. This could be termed as a form of ‘risk discount’ in<br />

which rates tend to be reduced due to the risk of political conflict<br />

reoccurring.<br />

The concern now is that the industry may be in the beginning of a rate<br />

reduction spiral especially with the expected future growth in supply in<br />

the <strong>Luxury</strong> sector. Hotels in this sector already are highly competitive<br />

when compared to other cities in the region.<br />

COLLIERS INTERNATIONAL | P. 8


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Average Daily Rate of <strong>Luxury</strong> Hotel by Location, Q1 2010 – Q1 2011<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

The ADR based on location shows mixed signals and is probably a<br />

throwback from the events of April/May 2010. Most of the disruptions<br />

last year occurred in the Northern and Southern CBD areas. As the<br />

<strong>Luxury</strong> end market relies on long term booking for a significant proportion<br />

of guests, travel operators have mitigated the risk of making such<br />

bookings in these areas with a corresponding reduction in rates. Tourists<br />

are increasingly sophisticated in their perceptions of a country and<br />

particular areas within that country and even within the cities itself.<br />

Through experience of travelling to <strong>Bangkok</strong>, talking to friends and the<br />

information provided by the internet, future tourists can assume that the<br />

CBD is more riskier while Sukhumvit less so and this is reflected in the<br />

current rates.<br />

In light of this if current political tensions dissipate then this pricing<br />

effect will wither. However any ratcheting up of the political situation is<br />

likely to manifest itself in the CBD area and this will lead to a continued<br />

drag on rates due to the ‘risk discount’ factor.<br />

Average daily rate of Upper scale hotel by location, Q1 2010 – Q1 2011<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

The Upper scale hotels are increasingly in competition with Mid Range<br />

hotels for the emerging growth markets and, as a result, rates have<br />

remained on the low side. In contrast to <strong>Luxury</strong> hotels, this sector in<br />

some locations actually reduced prices for the peak season, in anticipation<br />

of the fierce battle for visitors seeking more affordable accommodation.<br />

COLLIERS INTERNATIONAL | P. 9


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

RevPAR<br />

RevPAR is the ADR multiplied by the occupancy rate, and is arguably the most important metric for analyzing the current health of the hotel<br />

industry.<br />

RevPAR by grade for Q1 2010 – Q1 2011<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

The big drop in occupancy and room rates in Q2 of 2010 led to a<br />

subsequent dramatic fall in RevPAR in that quarter. After the situation<br />

returned to normal in Q3 and Q4, RevPAR also increased, quarter-toquarter<br />

until Q4 2010. The increase in RevPAR for the Upper scale<br />

market for Q1 2011 is on the back of an increase in occupancy while for<br />

the <strong>Luxury</strong> scale segment showed a slight decrease due to higher<br />

occupancy being more than cancelled out by lower room rates. On a<br />

comparison between Q1 y/y RevPAR fell dramatically due to lower rates<br />

in the <strong>Luxury</strong> segment but was stable for the Upper scale hotels.<br />

However while RevPAR is probably the most important statistic, any<br />

detailed analysis of the profitability of the hotel industry must also factor<br />

in non room revenue especially in the form of food and beverages (F&B).<br />

In some cases in the <strong>Luxury</strong> scale segment this can provide a very<br />

significant source of revenue. As many functions take place that bring in<br />

revenue not based on room occupancy there can be some disconnect<br />

between the F&B and room revenue components. Also the increase in<br />

occupancy will also positively reflect on F&B revenue as it is expected<br />

that the more guests the more F&B revenue is accrued. Although this<br />

relates to the ULS more than the lower scale segments.<br />

COLLIERS INTERNATIONAL | P. 10


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

RevPAR of <strong>Luxury</strong> hotels by quarter & location, Q1 2010 – Q1 2011<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

A small recovery in RevPAR was recorded in every area except the<br />

Northern CBD which showed a steep drop for Q1 2011 compared with<br />

the same quarter in 2010. This was due to daily rates being reduced and<br />

a corresponding fall in occupancy. The fact that the Northern CBD was<br />

the main area where the April/May protests took place is probably the<br />

main factor for this.<br />

RevPAR of Upper scale hotels by quarter & location, Q1 2010 – Q1 2011<br />

Source: <strong>Colliers</strong> International Thailand Research<br />

RevPAR of hotel in all locations except the Riverside increased Q1 y/y<br />

due to the improved occupancy rate in every location. Sukhumvit<br />

recorded especially strong numbers due to its increasing popularity<br />

among various tourist markets.<br />

COLLIERS INTERNATIONAL | P. 11


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

SWOT Analysis from hotel developers and operators perspective<br />

Strengths<br />

Facilities and services in <strong>Luxury</strong> and Upper scale hotels in <strong>Bangkok</strong> are<br />

very good value and quality compared with other countries in the<br />

region.<br />

The hotel market contains a significant number of strong brands in all<br />

pricing categories and this looks set to continue. This leads to better<br />

choice for visitors.<br />

A significant boutique hotel component adds flair and a further creative<br />

backdrop in the market.<br />

Weaknesses<br />

A significant number of hotels, especially in the <strong>Luxury</strong>/Upper scale<br />

segment are due to be completed over the coming few years and will<br />

exert even further pressure on a sector facing many difficulties. Such<br />

supply can only be absorbed if the tourism market in <strong>Bangkok</strong> shows<br />

continued growth, especially in its traditional markets.<br />

Hotels, especially in the <strong>Luxury</strong> sector, are under pressure to reduce<br />

prices in order to maintain occupancy. There is a danger that a price<br />

downward spiral is beginning to occur.<br />

Opportunities<br />

The growing intra-Asian tourism market looks set to benefit every area<br />

that caters to tourism and <strong>Bangkok</strong> is no exception.<br />

With the development of the ASEAN Economic Community and various<br />

free trade agreements between ASEAN and economic heavyweights<br />

such as China, the growth in business travel is set to continue. As<br />

<strong>Bangkok</strong> remains by far the centre of commercial activity in the country<br />

the city will attract a growing number of business visitors requiring hotel<br />

accommodation.<br />

Threats<br />

While the current political situation in the country has stabilized, tensions<br />

remain and while there remains a risk of an escalation of the situation<br />

then this is likely to affect the industry especially in the areas deemed<br />

most prone to flares ups.<br />

Other countries are becoming more appealing to tourists. Phnom Penh,<br />

Hanoi, Ho Chi Minh City, Vientiane and now Yangon offer the temptations<br />

of a frontier location that <strong>Bangkok</strong> has difficulty competing with due to<br />

its maturity as a tourism destination. On the other hand more tourism<br />

established cities such as Singapore, Hong Kong and Seoul are<br />

reinventing themselves to appeal to new markets. Singapore is especially<br />

effective in this regard with the development of integrated hotel<br />

complexes and sporting events such as the Grand Prix. <strong>Bangkok</strong> risks<br />

being squeezed between the two.<br />

COLLIERS INTERNATIONAL | P. 12


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

APPENDIX<br />

COLLIERS INTERNATIONAL | P. 13


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

Hotel classification<br />

While the Thailand Hotels Association (THA) categorizes hotels with a<br />

star rating, many hotels do not abide by star ratings. Therefore in this<br />

study, <strong>Colliers</strong> International Thailand have produced a classification<br />

based on the quality of the hotel as assessed by the hotel management<br />

companies and the British Hospitality Association classification.<br />

Basic overview of hotel classification<br />

Budget – hotels with limited or no facilities. Rooms are simple, with<br />

basic furnishings and sizes ranging from 12 to 18 sq m.<br />

Economy - comfortable, well equipped accommodation, with an ensuite<br />

bath/shower room. Reception and other staff aim for professional<br />

presentation that offers a wide range of straightforward services,<br />

including food and drink.<br />

Mid scale - hotels are usually of a size to support higher staffing levels,<br />

and a significantly greater quality and range of facilities. Reception the<br />

other public rooms will be more spacious, with a number of restaurants.<br />

All bedrooms will have fully en suite bathrooms and offer a good standard<br />

of comfort and equipment, such as a hair dryer, telephone and<br />

toiletries.<br />

Upper scale - a degree of luxury as well as quality in the furnishings,<br />

décor and equipment, in every area of the hotel. Bedrooms will also<br />

usually offer more space and be well designed, with co-ordinate<br />

furnishings and décor. The ensuite bathrooms will have both a bath and<br />

a fixed shower. It will employ sufficient staff to provide services like<br />

concierge and porter service, 24-hour room service, laundry and dry<br />

cleaning. The restaurants will provide high-quality cuisine.<br />

<strong>Luxury</strong> - spacious and luxurious accommodation throughout the hotel,<br />

matching the highest international standards. Interior design should<br />

impress, with its quality and attention to detail, comfort and sophistication.<br />

Furnishings should be immaculate. Services should be formal, well<br />

supervised and flawless in attention to guests’ needs, without being<br />

intrusive. The restaurant will demonstrate a high level of technical<br />

aptitude, creating dishes to the highest international standards. Staff will<br />

be knowledgeable, helpful, and experienced in all aspects of customer<br />

care, combining efficiency with courtesy.<br />

ZONING<br />

COLLIERS INTERNATIONAL | P. 14


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

COLLIERS INTERNATIONAL | P. 15


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

The centre of <strong>Bangkok</strong> contains the lion’s share of <strong>Luxury</strong> and Upper<br />

scale hotels in the city, being the heart of the city, for both business and<br />

tourism.<br />

Sukhumvit road up to Phrom Phong has its own distinct identity, its<br />

location being the main nightlife entertainment area in the city for<br />

foreigners. As these entertainment facilities extend some way into many<br />

of the sois, a large number of hotels are also located away from the main<br />

Sukhumvit road. Even within this road, many sois have there own microidentities,<br />

such as sois 4, 7, 8 11 and 22.<br />

The Northern CBD has its borders defined by Phetchaburi to the north<br />

to Chalermahanakorn Expressway down to Rama VI, but also including<br />

the area up to Ratchadapisek south of Sukhumvit. This area contains<br />

most of the large <strong>upper</strong> scale shopping malls as well as offices. The<br />

emphasis has a mix of business travelers and family tourists.<br />

primarily a location for offices with limited shopping facilities and<br />

reasonable entertainment areas that emulate Sukhumvit.<br />

The Riverside is the biggest player in the Upper scale and <strong>Luxury</strong><br />

segment due to its attractive location. However, supply is limited in this<br />

market and no Mid-scale hotels can be found in the area. The Thonburi<br />

side of the area is considered the same market, as the hotel shuttle boats<br />

that regularly ply between the two banks are an added attraction for<br />

most tourists.<br />

The Western area contains the old city, as well as the backpacker area<br />

located in Bamglampoo. Whilst this area is awash with hotel rooms,<br />

there are no Upper or <strong>Luxury</strong> scale hotels located here and as such is<br />

not considered in this <strong>report</strong> apart from the Mid Scale category.<br />

The Southern CBD includes the area bounded by Si Phraya, on the south<br />

side of Rama IV, Sathorn and the eastern side of Charoenkrung. It is<br />

COLLIERS INTERNATIONAL | P. 16


<strong>Bangkok</strong> <strong>Luxury</strong> & Upper Scale Hotel <strong>Market</strong> REPORT | Q1 2011<br />

COLLIERS INTERNATIONAL THAILAND<br />

MANAGEMENT TEAM<br />

480 offices in 61 countries on<br />

6 continents<br />

ADVISORY SERVICES | HOSPITALITY<br />

Jean Marc Garret | Director<br />

PROJECT SALES & MARKETING<br />

Monchai Orawongpaisan | Senior Manager<br />

RESIDENTIAL SALES & LEASING<br />

Napaswan Chotephard | Negotiator<br />

OFFICE & INDUSTRIAL SERVICES<br />

Narumon Rodsiravoraphat | Senior Manager<br />

United States: 135<br />

Canada: 39<br />

Latin America: 17<br />

Asia Pacific: 194<br />

EMEA: 95<br />

• The third largest commercial<br />

real estate services company in<br />

the world<br />

• The second most recognised<br />

commercial real estate brand<br />

globally<br />

• US$2 billion in annual revenue<br />

• Over 2 billion square feet under<br />

management<br />

• Over 15,000 professionals<br />

RETAIL SERVICES<br />

Asharawan Wachananont | Senior Manager<br />

ADVISORY SERVICES<br />

Napatr Tienchutima | Associate Director<br />

REAL ESTATE MANAGEMENT SERVICES<br />

Bandid Chayintu | Associate Director<br />

INVESTMENT SERVICES<br />

Nukarn Suwatikul | Associate Director<br />

Wasan Rattanakijjanukul | Senior Manager<br />

RESEARCH<br />

Antony Picon | Associate Director<br />

Surachet Kongcheep | Senior Manager<br />

VALUATION & ADVISORY SERVICES<br />

Nicholas Brown | Associate Director<br />

Phachsanun Phormthananunta | Associate Director<br />

Santipong Kreemaha | Senior Manager<br />

Wanida Suksuwan | Manager<br />

COLLIERS INTERNATIONAL Thailand:<br />

<strong>Bangkok</strong> Office<br />

17/F Ploenchit Center,<br />

2 Sukhumvit Road, Klongtoey,<br />

<strong>Bangkok</strong> 10110 Thailand<br />

tel +662 656 7000<br />

FAX +662 656 7111<br />

Email info.th@colliers.com<br />

Pattaya Office<br />

519/4-5, Pattaya Second Road (Opposite Central Festival<br />

Pattaya Beach), Nongprue, Banglamung, Chonburi 20150<br />

tel +6638 427 771<br />

FAX +6638 427 772<br />

Email info.pattaya@colliers.com<br />

PATTAYA OFFICE<br />

Mark Bowling | Senior Sales Manager<br />

Supannee Starojitski | Senior Business Development<br />

Manager / Office Manager<br />

researcher:<br />

Thailand<br />

Antony Picon<br />

Associate Director | Research<br />

email antony.picon@colliers.com<br />

researcher:<br />

Thailand<br />

Surachet Kongcheep<br />

Senior Manager | Research<br />

email surachet.kongcheep@colliers.com<br />

This <strong>report</strong> and other research materials may be found on our website at www.colliers.co.th. Questions related to<br />

information herein should be directed to the Research Department at the number indicated above. This document has<br />

been prepared by <strong>Colliers</strong> International for advertising and general information only. <strong>Colliers</strong> International makes no<br />

guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but<br />

not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own<br />

inquiries as to the accuracy of the information. <strong>Colliers</strong> International excludes unequivocally all inferred or implied<br />

terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising<br />

there from. <strong>Colliers</strong> International is a worldwide affiliation of independently owned and operated companies.<br />

Accelerating success.<br />

www.colliers.co.th

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!