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Bangkok Luxury Hotel business in 2H 2020 gradually improves

Occupancy rates remain exceptionally low under the current travel restrictions, although some luxury hotel operators continue to launch their new hotel projects.

The luxury hotel business of Bangkok in 2H 2020 is likely to improve slightly due to stimulus policies from the government including the policy to loosen the lockdown, the Tourism stimulation and tax refund policy, or as well as an additional long weekend in Q4 2020. As a result, tourism of domestic tourists has become more active although foreign tourists are still unable to travel into the country.

For the overview of the hotel market, the supply of luxury hotels in Bangkok at the end of 2020 was approximately 12,943 rooms, an increase of approximately 5.5% from 1H 2020. Some operators continued to launch their projects as planned. In 2H 2020, there were 3 new luxury hotel projects launched with 674 rooms, namely Sindhorn Kempinski Hotel Bangkok, located in the heart of Lang Suan. adjacent to Lumpini Park Comprising of 274 rooms, Four Seasons Hotel Bangkok at Chao Phraya River, comprising 299 rooms and the Capella Hotel Bangkok which comprised 101 rooms.

Colliers International Thailand predicts that the direction of the hotel and tourism sector in 2021 will gradually improve in 2H 2021, by predicting that the foreign tourists will return for travelling without any restrictions. The confidence of the international tourists has come back after the COVID-19 vaccine was developed, in line with the 2021, the estimation of the total number of tourists arrivals in 2021 will be approximately 11 million people. Also there is the government policy ‘Rao-Tiew-Duay-Gun’ Phase 2 where the government tends to support 1 million hotel rooms with discount with the announcement for special holidays in 2021 to stimulate local tourism to be more active in 2021.

This report has been conducted by Barny Swainson, Senior Director, Bangkok and Phattarachai Taweewong, Director, Bangkok.

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