Laguna Phuket, an integrated resort operator, is expecting a stronger revenue per available room (RevPar) and higher room rates for hotels this year, thanks to rebounding tourism, with the upcoming pipeline and property development majorly targeting luxury and upscale segments.
Paul Wilson, vice-president and deputy managing director of Laguna Phuket, said the improvement in its hotel segment this year should be stronger than the performance in 2023, as this year is regarded as the "best year" for several hotels, including Laguna's flagship Banyan Tree Phuket.
At present, Laguna Phuket has seven luxury hotels with over 1,500 rooms, 3,000 residential units, plus an 18-hole golf course, collectively covering a 2,500-rai area.
Mr Wilson said all hotels within Laguna Phuket should record an average occupancy rate of 70-80% this year, an increase of five percentage points from last year.
They should report a 15% average room rate increase year-on-year, resulting in 18-20% higher RevPar in 2024, mainly attributed to strong demand for luxury travel in Thailand, and partly to inflation.
He said a strong uptick was observed among guests from the Middle East, who opted for luxury services such as food and beverage, spa, along with pool villas. Other strong markets include Europe, the US, Russia and its neighbouring countries.
Garrya, a new wellness resort under Banyan Group, will open at Laguna Phuket next year, becoming the seventh hotel in the resort, while Angsana Villas will be closed.
Given the intense competition in the luxury segment, the company would remain cautious about its performance and future development, Mr Wilson noted.
At present, about half of Laguna Phuket's total area of 2,500 rai, which includes green space, the golf course and a freshwater area, is still available for the development of future projects.
Mr Wilson said the company's new development would have a balance between properties, nature and an open atmosphere, which has been a signature of Laguna Phuket.
For residential development, the majority of new projects in the next few years would be those in the luxury and upscale segment targeting foreign buyers, which could cater to their growing demand for retirement, long holidays and investment in Phuket.
Laguna Phuket will also launch the 30th Laguna Phuket Triathlon on Nov 16-17.
The triathlon will feature a 1.8-kilometre swim in the Andaman sea and lagoon, a 50-km cross country bike ride, and 12-km run within Laguna Phuket. Other new events include a 6-km charity fun run, and open water swimming.