Industry experts told Bangkok in a recent panel that, if the capital wants to transform itself the megacity that experts have envisioned it would become in five years, they have to leverage the hotel and tourism sectors, and the many Sukhumvit suites hotel across the capital.
Area Director Jesper Palmqvist, STR Asia-Pacific, said that Bangkok will experience continued growth in its hotel and tourism sector’s developments in infrastructure and performance, with positive investor and consumer outlook towards the country set to bolster the tourism and hotel sectors in the capital, as well as the other tourist hotspots across Thailand.
Mr. Palmqvist says that, with the past three years exhibiting continuous, and stable improvement in the hotel sector, Bangkok has successfully managed to move beyond the 2014 decline. Recently, the month of November 2017 saw the capital’s revenue per available room (RevPAR) growing to 3.4% compared to the prior year, alongside a strong supply growth, at 4.1%.
Further data from the STR shows that growth has been supported by the stable growth of demand, with a record of 5% across 18 months following the capital’s bounce back in 2015. The average Sukhumvit suites hotel also experienced the luxury of upping their rates, with the capital’s average hotel rates moving up by 2%, in spite of all the new competition constantly moving in. The data shows that this isn’t simply a lucky fluke, with 2017 having seven months that managed to set 10-year records in RevPAR performance.
STR and Mr. Palmqvist predicts that tourism in the county will continue its growth in the future as Thailand continues to offer a myriad of tourism attractions, with additional innovations to attract more tourists, especially in the field of gastronomy, since Thai cuisine has steadily been garnering fame across the international market.
He says, however, that not all hotels in the country’s tourism sector will benefit from the improved tourism in the country. In particular, hotels in the Sukhumvit sector are underperforming in comparison to the rest of the capital due to the sheer amount of competition.
Managing Director Bill Burnett, C9 Hotelworks, says that, within a five year time period, Bangkok’s electric subway system will grow to 464km, larger than London’s and New York’s 402km and 380km, respectively.
He expects that Thailand’s capital will the third megacity in the world, following China’s Beijing and Shanghai, in about five years’ time.