With Bangkok growing as many tourists and homeowners flock to visit, hunting for the best deals including searches for service apartment in Bangkok,industry experts are keeping a close eye on the Thai capital to see how it’ll fare.
With all the signs, the current market environment, and the trend that Bangkok is following, the experts studied the market and made a statement in the recent Thailand Tourism Forum; Bangkok is on its way to be the world’s next ‘megacity’. According to the experts, the rapid expansion of the Bangkok subway system will be turn the city into a melting pot of opportunity for the travel and tourism industry.
Sansiri, heeding the forecast, has decided to bring one of New York’s most prominent hospitality brands; the Standard, into the country. Sansiri’s Chief Executive Apichart Chutrakul started off the forum, giving the opening address to the crowd in attendance for “Megacity Bangkok – A Tourism and Hotel Futurescape”.
Managing Director Bill Barnett of C9 Hotelworks, is one of the forum’s co-organizers, and says that the Greater Bangkok area’s metro line would be able to reach a length of 464km in 5 years time. He elaborates, saying that that would outdo London’s underground and New York City’s subway system, which sit at 402km and 380km, respectively. He calls this the promise of the East, which has turned into the new West. He emphasizes that access to the three interconnected, international airports across Bangkok; Suvarnabhumi, Utapao and Don Mueang, as key in development. This could pave way to more service apartment in Bangkok to accommodate both local and foreign market.
STR’s Director of Global Research, Jesper Palmqvist says that Bangkok, with regards to hotels and infrastructure, is on track for great growth. He elaborates, saying that the Thai capital has managed to put the 2014 decline behind itself, with Revenue Per Available Room (RevPAR), increasing by approximately 3.4% yearly, alongside a supply increase of 4.1%.
He then points out that the growth of demand was also stable following the 2015 comeback, sitting comfortably at 5%, and that hotel rates have gone up by 2%, even with all the competition and offers moving into the market. For the long term, 7 months in 2017 saw 10-year records set in RevPAR performance.
Other notable figures in the forum were Minor Hotel Group’s Dillip Rajakarier, and IHG Group’s Thomas Schmelter, among others.