WEB BBS MAR 18

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THAILAND’S TOURISM AND
HOTEL BUSINESS SET FOR
LONG-TERM GROWTH
Business leaders have been
urged to take advantage of a recent
growth trend in Bangkok’s
tourism and hotel business sectors
with a view to making the
capital a megacity in the next five
years.
Jesper Palmqvist, area director
for Asia-Pacific at STR, a global
research firm, was quoted as
saying, “With almost three years
of stable growth in terms of hotel
performance, Bangkok has put
the 2014 decline firmly behind it.
In November 2017, revenue per
available room [RevPAR] had
grown 3.4% year-on-year, against
a backdrop of a reasonably strong
supply increase of 4.1%.”
The Thai capital is expected to
continue to grow by way of new
infrastructure investment and this
will lead to improved hotel performance.
Other tourist hotspots in
the country will also benefit in the
same way.
Hotels have increased their rates
by an average of two per cent
even with additional supply. This
is on the back of five per cent
growth in the underlying tourism
market.
Giving cause for optimism is that
the statistics are not short-term
in nature. There have been longterm
trends in place and these
have lead to a cycle of confidence
building for future continuation.
Tourist arrivals continue to rise.
Mr. Palmqvist was also quoted as
Email: ben.hightowerltd@gmail.com
saying, ”Not every hotel player
will benefit form the large arrivals,
however. Hotels in Bangkok’s
Sukhumvit area are underperforming
compared with those in
other parts of the city because of
competition.”
Thai food is likely to play a big part
in attracting visitors as it is well
known across the world and an
opportunity to taste authentic Thai
cuisine will be hard to resist on the
part of would-be tourists.
The new subway lines will also
enable tourism in the capital to
grow. Within 5 years there will be
464 kilometers of underground
and elevated mass transit railway
systems compared with New
York’s 380 km and London’s 402
km. As well, all the infrastructure
will be new compared to an ageing
transport system of that size
found in many other countries.
Bill Burnett, managing director of
C9 Hotelworks, was quoted as
saying, “Bangkok will become the
world’s third accessible megacity
after Beijing and Shanghai in the
next five years.”
The Eastern Economic Corridor
(EEC) project will provide infrastructure
projects in the form of
high-speed rail networks and road
improvements that will open up
stable long-term growth opportunities
for Chonburi, Sri Racha,
Pattaya, Rayong, Chantaburi,
Klaeng and Trat, as the possibility
of a new Gold Coast emerges in
the region.
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