Thai hotel sector sees pre-pandemic level investment surge

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Thailand’s hotel sector is undergoing a resurgence in investment mirroring pre-pandemic levels, with the boost being propelled by an increase in hotel conversions and an uptick in bank lending, because of a hopeful tourism market. The information is according to C9 Hotelworks, a hospitality consultancy firm.

The firm’s managing director, Bill Barnett, reported an upbeat market and investment sentiment, thanking the increased lending by banks and the businesses’ renewed faith in the tourism sector’s profitability.

 

“Throughout the latter half of 2023, Thai banks reportedly expanded their lending to the sector’s owners and developers. This, in turn, sparked a rise in hotel developments, both in the form of new projects and property conversions.”

 

Barnett reveals that hotel owners are currently exploring the possibility of rebranding their properties, enhancing their services for a more premium feel, and heightening their revenue.

Phuket, for example, has over 12,000 hotel rooms in the development pipeline, primarily backed by Thai investors. Nearly half of the projects in the province that were previously halted or postponed due to Covid-19 have resumed in the last six months, reported Bangkok Post.

 

by Alex Morgan 

Photo courtesy of Bangkok Post

 

Full story: The Thaiger 2024-01-16

 

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[JoePai]

What a scruffy bunch

[hotchilli]

2 hours ago, JoePai said:

What a scruffy bunch

Mufti- day?

[newnative]

Nice to see the new hotel across from Centre Point Space is being finished after construction was halted for some time.