New hotel openings to watch out for in Bangkok this year
One is The Standard at Mahanakorn which is set to be Bangkok’s tallest building.
Bangkok saw the addition of two properties in April 2022: the upscale 48-key Ramada Plaza by Wyndham Sukhumvit 48 is located in Middle Sukhumvit, and the midscale Ramada by Wyndham Sukhumvit 87 is located in Upper Sukhumvit.
JLL says four properties expected to complete in 2Q22 have been delayed to the end of 2022. Anticipated openings include The Standard at Mahanakorn, which would debut as Bangkok’s tallest building. Other future openings in 2022 include the 587-key Chatrium Grand Siam, the 617-key Courtyard by Marriot Suvarnabhumi, and the 250-key Intercontinental Thonglor.
Here’s more from JLL:
As of June 2022, luxury hotels have recorded y-o-y improvement in performance. YTD June 2022 average daily rate (ADR) has improved by 50% to THB 5,437 from THB 3,618 in 2021. Occupancy has also increased y-o-y, reaching 38.4% for the first half of 2022, from 12.7% as at YTD June 2021. This has spurred the increase in revenue per available room (RevPAR) by 355% y-o-y to THB 2,086.
Following the positive trend of the luxury segment, midscale and upscale hotels in Bangkok registered a y-o-y improvement in RevPAR by 141% to THB 643 as at YTD June 2022, and 156% to THB 1,065, respectively.
Outlook: Tourism picks up notably with lifted restrictions
Hotel trading performance has seen significant improvement in 2Q22, and as the government relaxes their COVID-19 related restrictions, the upward trend is expected to continue into the second half of 2022, and finish the year strong.
As of 1st July 2022, Thailand has removed the Thailand pass registration requirements and the USD 10,000 compulsory health insurance. Visitors are only required to show vaccination certificates or a negative RT-PCR test result within 72 hours of travelling. Mask requirements are advised, but no longer compulsory.
Note: Bangkok Hotels refers to Bangkok's luxury hotel market.