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| • EXCH RATES |
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Baht/$ 34.23/25 (Bid/Ask)
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GOLD |
13,350
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The local hotel sector may soon be facing an oversupply if approximately 2,700 new rooms from 10 hotels are completed as scheduled in the second half of this year, according to the international property consultant CB Richard Ellis.
''Should all these hotels be completed as scheduled, it will raise concerns about oversupply given current global economic conditions,'' the company said in its latest research on Bangkok luxury hotel.s
The first phase of the Centara Grand at CentralWorld was completed in the second quarter, adding 418 rooms to raise downtown supply to 24,498 rooms, spread across 77 hotels, up 1.7% quarter-on quarter or 6.9% year-on-year.
Most of the supply is mid-range with average daily rates (ADR) between 2,500 and 4,500 baht, accounting for 51% of total stock, followed by first-class (20%, 4,906 rooms), luxury (16%, 3,959 rooms) and economy (13%, 3,295 rooms).
CBRE found that the average occupancy rate for selected upscale (first-class and luxury) hotels in Bangkok declined from 76% in the first quarter to 67% in the second quarter as a result of the start of the low tourism season.
The ADR at selected upscale hotels in the second quarter was US$178, up 12.9% year-on-year but down 8.1% from the first quarter. Trends in baht terms were similar, as the ADR of 5,833 baht was up 6.5% on the year but off 6.8% from the previous quarter. Revenue per available room was $128 or 4,194 baht.
The numbers of visitors to Bangkok remained healthy during the first half with Suvarnabhumi Airport handling 8% more international arrivals than in the first half last year.
''However, considering the economic environment in Western nations, along with current projections for hotel completions over the next two years, we remain concerned about sector performance,'' CBRE said.
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