According to the developer Chatrium Hospitality, luxury hotels have promising prospects in the fourth quarter, and this will continue over the next year. The average occupancy rate of hotels has exceeded 70%.
The group is about to open a new Chatrium Grand Bangkok hotel in November to meet the growing demand. The average occupancy rate is expected to reach 75% in December 2023.
During the pandemic, its property received strong support from regular guests. Without this support, the average occupancy rate for short-term guests would be no more than 55%.
At the moment, prices for hotel accommodation have reached 90% of the pre-pandemic level, in some periods exceeding the figures of 2019.
In 2024, the average occupancy rate of all hotels is expected to reach about 80% of the pre-pandemic level.
After the pandemic, interest in luxury real estate has increased. Premium hotels have also become more popular after the pandemic.
The company's new hotel is located in Ratchathewi district in Bangkok. ฿5.5 billion were invested in the project. The property, consisting of 582 hotel rooms and 50 residential units, will be opened on November 28. The average room rate starts from ฿10,000 per night.
The main target group will be Asian markets, such as Singapore, Indonesia, South Korea, India and the Middle East.
It is also planned to open a hotel in Phuket. Tourism of the resort island is recovering as quickly as in Bangkok.