Bangkok to see almost 30 new hotels this year
This equates to 7,000 keys.
There were five new hotels (500 keys) completed in Bangkok in the first three months of 2022. JLL notes some key openings such as the 94-key Quartier Hotel Bangkok by Compass Hospitality, the 136-key Shama Yen-Akat Bangkok and the 90-key Quarter On Nut by UHG.
Several projects that were previously postponed in 2020 and 2021 will now be entering the market this year. According to JLL, nearly 30 additional properties representing over 7,000 keys will open in the next few months. While a considerable number of hotels will enter the market in 2022, it is also expected that multiple developments may either be delayed or abandoned.
Here’s more from JLL:
As at YTD March 2022, luxury hotels in Bangkok registered a y-o-y improvement in performance, with revenue per available room (RevPAR) increasing by 177.7% y-o-y to THB 1,463. This can primarily be attributed to growths in both occupancy and average daily rate (ADR) rising by 15.9 percentage points to 30.1% and 30.9% to THB 4,864, respectively, during the same period.
Similarly, midscale and upscale hotels in Bangkok experienced a y-o-y increase in RevPAR of 73.4% to THB 490 and 77.5% to THB 779, respectively, as at YTD March 2022.
Outlook: Ongoing easing of restrictions to bode well for industry revival
Hoteliers have seen positive pick-ups in international business rebalancing recent demand primarily driven by the local market. As as result, both occupancy and ADR showed signs of improvement during the first quarter of 2022.
As at end of April, the Government considers removing requirements imposed by Test & Go program, including the pre- and upon arrival tests, which would allow vaccinated travellers to freely enter the country. With the recovery taking place, hotel performance will continue to gradually close the gap with pre-COVID-19 levels throughout 2022.
Note: Bangkok Hotels refers to Bangkok's luxury hotel market.