Bangkok sees 16 new luxury hotels in 2023

Over 3,300 keys were added to the city’s supply.

According to JLL, five new hotels opened in Bangkok in 4Q23, adding 1,229 keys. Among these were two upscale properties: Ten Six Hundred, Chao Phraya, Bangkok by Preference, and Grande Centre Point Surawong.

In addition, the city welcomed two midscale properties, The Quarter Ratchathewi and Courtyard by Marriott Suvarnabhumi Hotel. The only luxury opening was the 250-key InterContinental Bangkok Sukhumvit.

Here’s more from JLL:

In 2023, 16 new properties opened in Bangkok, contributing a total of 3,391 keys to the city’s hotel supply. Among these, eight were upscale properties, collectively accounting for 55.5% of the additional supply. Due to a large number of projects being delayed, 12,039 keys are expected to be added to Bangkok’s hotel supply by the end of 2025.

RevPAR of luxury hotels improves by 28.1% from 2019

YTD December 2023, luxury hotels in Bangkok recorded an improvement in performance, with revenue per available room (RevPAR) increasing by 28.1% to THB 5,873 from 2019. This can be predominantly attributed to an increase in average daily rate (ADR) by 42.3% during the same period.

Similarly, upscale hotels experienced an increase in RevPAR by 2.8% to THB 2,877, with this growth also being attributed to improvements in the ADR by 18.4%. However, midscale hotels experienced a decrease in RevPAR by 9.4% to THB 1,491, due to decreases in occupancy and RevPAR by -5.9 percentage points and -3.6%, respectively.

Outlook: Occupancy set to be key driver behind RevPAR growth in 2024

Visa exemptions from countries such as China, India and Taiwan are expected to boost inbound tourism and improve trading performance in 1H24. Arrivals from China are forecast to gradually ramp up throughout 2024 before returning to pre-pandemic levels in 2025.

The recovery outlook for Bangkok is bullish, with ADR to remain strong in 2024 and occupancy set to be the key driver behind RevPAR growth. Gross operating profit is expected to improve in 2024 compared to 2019 and 2023, as efficiencies observed during the pandemic are retained.

Note: Bangkok Hotels refers to Bangkok's luxury hotel market.

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