According to research from real estate services provider CBRE, revenue per available room in Thailand has risen by 10% on average in the past two years, a stark contrast to post-2008 financial crisis when average occupancy fell below 50%. By 2011, the figure was still below 55%; but today it is about 75%. The revenue p
According to research from real estate services provider CBRE, revenue per available room in Thailand has risen by 10% on average in the past two years, a stark contrast to post-2008 financial crisis when average occupancy fell below 50%. By 2011, the figure was still below 55%; but today it is about 75%. The revenue per room has also jumped 25 to 30%, allowing hoteliers to raise rates during peak periods.
Robert McIntosh, APAC Executive Director for CBRE Hotels, said that the number of visitors to Thailand rose by 20% year-on-year in the first half of 2013, outpacing the 5% overall growth in the region. This increase in visitors, particularly from China, coupled with Thailand's reputation for service and an increased supply of quality hotels, means tourism is set to grow even more.
Art Buser, APAC Executive MD of CBRE Hotels, also pointed out that regional property investment has risen to reflect growing wealth, and hotels have benefited from the trend, with record hotel sales of US$2.6 billion in the second quarter, up from $750 million in the first quarter. “Thailand's hotel market is dynamic, with buyers and sellers in reasonable balance,” Buser said.