Hotel Destinations Thailand - Thailand | January 2018 - JLL Asia Pacific
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Thailand | January 2018 Hotels & Hospitality Group Hotel Destinations Thailand
2 Hotel Destinations - Thailand
Thailand Tourism
International Visitor Arrivals
2010
15.9 million
Chiang Mai
2011
19.2 million
2012
22.4 million
2013 Bangkok
26.5 million
Pattaya
2014
24.8 million Hua Hin & Cha Am
2015
29.9 million Khao Lak
Koh Samui
2016
32.6 million Phuket Krabi
2017 (preliminary)
35.4 million
Source: Ministry of Tourism and Sports
Hotel Destinations - Thailand 3
Quick Facts
International Visitor Arrivals Total Number of New Rooms
(Latest Data) (2017)
Bangkok 21.1 million 1,863 rooms
(YTD November 2017)
Phuket 9.2 million 614 rooms
(2016)
Khao Lak 694,079 762 rooms
(Phang Nga) (2016)
Koh Samui 1.9 million 236 rooms
(2016)
Krabi 2.0 million 443 rooms
(2016)
Pattaya 8.3 million 637 rooms
(2016)
Hua Hin & Cha Am 1.2 million 441 rooms
(2016)
Chiang Mai 2.6 million 236 rooms
(2016)
Source: Ministry of Tourism and Sports, JLL
4 Hotel Destinations - Thailand
Bangkok
Quick facts Tourism
2016 saw international arrivals increase by 7.5% y-o-y to 20.8 million. This represents
21.1 million a more moderate increase compared to the 24.8% seen in 2015, mainly due to the
International Visitor Arrivals
slowed growth of visitors from Mainland China in response to the crackdown on
(YTD November 2017)
zero-dollar tours in late 2016. As at YTD November 2017, arrivals had risen 20.6%
y-o-y to 21.1 million.
1,863 rooms
Number of New Rooms (2017)
Demand
Mainland China is Bangkok’s largest source market, contributing almost 30% of
75.7%
international visitors as at YTD July 2017 according to latest available statistics.
Occupancy
Despite the government crackdown, Bangkok tourism was not significantly affected,
with strong y-o-y growth from South Korea (20.1%) and India (17.4%) further
THB 6,084 supplementing visitor arrivals.
ADR
Supply
THB 4,608 Approximately 1,900 keys were added in 2017. While 2016 saw a concentration in the
RevPAR midscale segment, accounting for close to 50% of new supply, 2017 saw a shift to
the budget and upscale segments, contributing close to 30% each. Approximately
9,800 rooms remain in the pipeline between 2018 and 2020. In terms of location,
New notable hotels we are seeing a shift beyond the traditional Sukhumvit area, as the Riverside and
ibis Bangkok IMPACT Ratchadapisek areas gain traction.
(587 rooms)
Travelodge Sukhumvit 11 Outlook
(224 rooms) Despite stable arrival figures from Mainland China, Bangkok continues to see strong
Park Hyatt Bangkok growth in visitor numbers from other major source markets, particularly from
(222 rooms) South Korea and India, as the government shifts focus from arrival figures to visitor
spending by targeting higher-spending niche markets. The newly released first
edition of the Michelin Guide to Bangkok will further strengthen Bangkok’s forefront
Upcoming hotels
position as a culinary destination.
Hyatt Regency Bangkok Sukhumvit
Carlton Hotel Bangkok
Waldorf Astoria Bangkok
Hotel Nikko Bangkok
Notable hotel deals
Carlton Hotel Bangkok
Premier Inn Bangkok
(now Travelodge Bangkok)
Swissôtel Nai Lert Park
Note: Bangkok refers to Luxury hotels
Source: STR Global (YTD Nov 2017), Ministry of Tourism and Sports, JLL
ADR - Average daily rate, RevPAR - Revenue per available room
Hotel Destinations - Thailand 5
Chiang Mai
Quick facts Tourism
In 2016 (latest data available), international visitor arrivals increased by 2.3% y-o-y
2.6 million to 2.6 million. Domestic arrivals showed a slightly higher growth of 4.1% y-o-y to 5.0
Total Visitor Arrivals million, bringing total visitor arrivals to Chiang Mai to 7.7 million. In addition to the
(2016)
many tourist attractions the city has to offer, its location serves as a perfect base for
travel to Thailand’s Golden Triangle and Hill Tribe communities.
236 rooms
Number of New Rooms (2017)
Demand
Top source markets to Chiang Mai in 2016 were Mainland China, Japan and the USA,
comprising 31.0%, 7.1% and 6.7% of total international visitor arrivals respectively.
New notable hotels Mainland China also recorded the fastest growth in arrivals at 43.0% y-o-y. Thailand’s
X2 Chiang Mai Riverside Hotel
winter months of December to February are the months with the highest visitor
(30 rooms)
numbers.
U Nimman Chiang Mai
(147 rooms)
Supply
In 2017, Chiang Mai saw an addition of 236 rooms added to hotel supply. Almost 400
Upcoming hotels rooms are expected to enter the market in 2018. The majority (50.5%) of this future
Buri Rasa Village Chiang Mai supply will be located in Nimman. 85.0% of this future supply will be in the upscale
segment, while the balance is in the midscale segment. Over the past 12 months,
the city has seen an increased presence of local brands such as BED hotels and X2
Notable hotel deals Resorts.
There were no hotel transactions in 2017
Outlook
The city’s air connectivity has been improving rapidly, further strengthening its
position as one of Thailand’s leading tourist destinations. Qatar Airways has
launched four weekly flights to Chiang Mai, connecting the city with the Middle
East and Europe. In addition, VietJet has launched four weekly flights between Ho
Chi Minh City in Vietnam and Chiang Mai, while various other flight operators have
launched connections between Chiang Mai and destinations including Yangon
(Myanmar), Nakhon Ratchasima (Thailand), Chengdu (Mainland China) and Quang
Binh (Vietnam).
Source: Ministry of Tourism and Sports, JLL
6 Hotel Destinations - Thailand
Hua Hin & Cha Am
Quick facts Tourism
In 2016 (latest data available), total domestic and international visitor arrivals to Hua
1.2 million Hin and Cha Am reached 6.0 million, representing a marginal y-o-y growth of 2.0%.
International Visitor Arrivals Domestic visitors continue to dominate the market, accounting for approximately
(2016)
80.0% of the total visitor arrivals. While domestic arrivals continued to exhibit growth
in 2016, international arrivals remained stable at 1.2 million.
441 rooms
Number of New Rooms (2017)
Demand
The two coastal towns of Hua Hin and Cha Am are popular weekend getaways for
New notable hotels Bangkok residents. In addition to Thais, the top international source markets for
AVANI Hua Hin Resort & Spa Hua Hin and Cha Am in 2016 were the United Kingdom (11.7%), Germany (10.4%)
(196 rooms)
and Denmark (7.5%). The neighbouring resort towns’ fastest growing markets were
Mainland China and the USA.
Baba Beach Club Hua Hin
(82 rooms)
Holiday Inn Hua Hin Vana Nava
Supply
(Soft Opening) While supply additions for Hua Hin and Cha Am have been limited since 2013,
(150 rooms) approximately 700 rooms were added in 2016 and 2017. A further 1,800 rooms
are anticipated to open over the next three years, with 1,050 of these rooms being
condominium units with rental pool options on Cha Am Beach.
Upcoming hotels
Best Western Plus AD Hua Hin
Lake & Resort
Outlook
Coral Tree Villa Hua Hin The Pattaya-Hua Hin daily ferry service, which became fully operational in February
U Hua Hin
2017, is expected to increase visitor arrivals in both destinations. However, the
highly-anticipated opening up of Hua Hin Airport to allow commercial flights has yet
to be confirmed by officials. With their location and current infrastructure, the two
Notable hotel deals cities’ combined tourism outlook is largely underpinned by domestic visitors.
There were no hotel transactions in 2017
Source: Ministry of Tourism and Sports, JLL
Hotel Destinations - Thailand 7
Khao Lak
Quick facts Tourism
In 2016 (latest data available), total domestic and international visitor arrivals to
694,079 Khao Lak and Phang Nga reached 1.0 million, representing an impressive five-year
International Visitor Arrivals (2011-2016) Compound Annual Growth Rate (CAGR) of 12.6%. International visitors
(2016)
comprised the majority of arrivals, accounting for 68.5% at 694,079 visitors. Khao
762 rooms Lak’s tourism trade has continued to benefit greatly from Phuket International
Airport’s expanded facilities and improved flight connectivity.
Number of New Rooms (2017)
Demand
Germany remained the largest source market, contributing 26.6% of total
New notable hotels international arrivals in 2016, followed by Mainland China (10.5%), Austria (7.2%)
La Vela Khao Lak
and Sweden (6.1%). Mainland China continues to be the key growth market,
(181 rooms) registering a y-o-y increase of 37.1% following a 122.9% growth in the previous year.
Le Menara Khao Lak Resort Underpinned by its economic recovery, the Russian market rebounded strongly
(108 rooms) with over 40% y-o-y growth. This geographic diversity in key source markets has
Bangsak Merlin Resort significantly reduced seasonal demand fluctuations in the market.
(275 rooms)
Supply
Upcoming hotels We expect to see more internationally branded hotels including Sheraton and AVANI
Devasom Khao Lak Resort entering the market. However, future hotel supply is anticipated to be fairly limited
AVANI Khao Lak with approximately 750 keys scheduled to open by 2020. Bangsak Beach accounts
Sheraton Khao Lak Resort for 43.8% of total future supply. All future openings will be in the upscale segment.
Outlook
Notable hotel deals The growth in tourism arrivals has been driven by the improved international
There were no hotel transactions in 2017
connectivity of Phuket International Airport. The area is expected to continue on its
growth trajectory given the potential development of Phang Nga Airport, which is
currently under review pending Environmental Impact Assessment (EIA) approval.
Source: Ministry of Tourism and Sports, JLL
8 Hotel Destinations - Thailand
Koh Samui
Quick facts Tourism
In 2016 (latest data available), international visitor arrivals totalled 1.9 million,
1.9 million accounting for 84.6% of the total visitor arrivals and representing a y-o-y increase of
International Visitor Arrivals 3.5%. The island’s total arrivals recorded a five-year CAGR (2011-2016) of 22.6%. This
(2016)
positive figure was attributed to increases in the frequency of low-cost carrier flights
236 rooms to Surat Thani and ferries to Koh Samui.
Number of New Rooms (2017)
Demand
Mainland Chinese visitors showed the strongest growth of 50.2% y-o-y during
New notable hotels 2016. Despite the continued emergence of the Mainland Chinese market, Germany
COSI Samui Chaweng remained the island’s top source market comprising 14.5% of total visitor arrivals.
(155 rooms) The average length of stay was approximately 5.5 days in 2016, which represented a
Ritz-Carlton Koh Samui (Soft Opening) 6.0% y-o-y increase.
(70 rooms)
Supply
In 2017, approximately 230 rooms were added to the market. Between 2018 and
Upcoming hotels 2020, over 1,000 new rooms are expected to be added, with the majority being in
ibis Styles Koh Samui Chaweng Beach
the upscale and luxury segments. Branded hotels continue to dominate the island’s
Sala Samui Chaweng supply. Notable recent openings include Centara’s COSI and Marriott’s Ritz Carlton.
X2 Vibe Samui Nautilus
SO Sofitel Samui
Outlook
Over the medium term, Koh Samui’s tourism industry is anticipated to expand,
Notable hotel deals especially in the midscale and upscale segments, as we see a number of new hotels
There were no hotel transactions in 2017 being added to the market as well as more flights being scheduled. In light of all this,
hotel trading performance is predicted to remain healthy.
Source: Ministry of Tourism and Sports, JLL
Hotel Destinations - Thailand 9
Krabi
Quick facts Tourism
In 2016 (latest data available), Krabi welcomed 2.0 million international overnight
2.0 million visitors, representing a y-o-y growth rate of 3.3%. When domestic arrivals are
International Visitor Arrivals
included, Krabi registered a total of more than 3.6 million visitors to record a five-
(2016)
year CAGR of 8.5% from 2011 to 2016.
443 rooms
Number of New Rooms (2017) Demand
Mainland Chinese guests remained the top source market to Krabi with over 400,000
Chinese visitors in 2016 representing 20.3% of the total international visitors to the
New notable hotels province. The Mainland Chinese market was further highlighted with a record high
Sugar Marina Cliffhanger y-o-y growth rate of 28.2%. In addition to Asian markets, Krabi is also becoming
(75 rooms) more popular amongst European markets. The city’s key source markets include the
Ava Sea Resort United Kingdom and Germany. Qatar Airways has also increased the frequency of
(108 rooms) its Doha-Krabi flights from four weekly flights to daily flight services, strengthening
Kokotel Krabi Ao Nang Krabi’s connection to the Middle East as well as to Europe.
(72 rooms)
Supply
Between 2018 and 2019, approximately 1,000 rooms are expected to be added to the
Upcoming hotels Krabi market with the majority located in Ao Nang Beach. Most of this future supply
Banyan Tree Krabi (53.4%) will be in the midscale segment, followed by 39.5% in the upscale segment.
Sugar Marina Cliffhanger (Expansion) Ao Nang remains the area’s most popular beach with 69.9% of existing hotels
located in this area.
Notable hotel deals
Pilanta Spa Resort Outlook
Krabi’s hotel market outlook is positive as the city continues to capitalise on its
unrivalled tourist attractions and improving infrastructure. As at August 2017, Krabi
recorded the highest growth in search results for Thai holiday destinations on
TripAdvisor, increasing 41.0% y-o-y. The recently opened Port Takola Yacht Marina
and the potential expansion of the airport will further bolster the city’s tourism trade.
Source: Ministry of Tourism and Sports, JLL10 Hotel Destinations - Thailand
Pattaya
Quick facts Tourism
The total number of international and domestic overnight visitors to Pattaya
8.3 million registered an impressive growth of 37.7% y-o-y to reach 12.7 million arrivals in
International Visitor Arrivals 2016 (latest data available). While international visitors accounted for over 65.0%
(2016)
of the total arrivals at 8.3 million, the domestic market registered a strong growth
637 rooms y-o-y of 73.8% in 2016. As at YTD July 2017, international arrivals at U-Tapao airport
had risen by 19.3% y-o-y, following a record growth of 170.1% in 2016 due to the
Number of New Rooms (2017)
commercialisation of the military airport.
New notable hotels Demand
Renaissance Pattaya Resort & Spa Mainland China continued to be Pattaya’s largest source market, contributing 31.3%
(Soft Opening) of total overnight visitors in 2016. Despite a significant decline in 2015 due to the
(200 rooms) depreciation of the ruble, the Russian market has since bounced back with a 44.3%
Centara Azure Hotel Pattaya y-o-y growth in 2016. Looking ahead, we are anticipating a shift in demand from
(96 rooms) European markets to Asian countries such as South Korea and India.
Mytt Beach Hotel
(236 rooms) Supply
Pattaya is expected to see a significant increase in supply over the next three years
with over 6,700 rooms scheduled to open, including more than 3,500 condominium
Upcoming hotels units with rental pool options. Future openings are concentrated in the midscale
Best Western Plus AD The Grand Jomtien
(53.9%) and upscale (35.2%) segments. Jomtien, Na Jomtien and North Pattaya are
Beach Pattaya
the sites of the majority of these future openings.
Evason Na Jomtien
Banyan Tree Jomtien
Grande Centre Point Pattaya
Outlook
Demand is expected to continue on an upward trend, supported by the October
2018 opening of the U-Tapao airport expansion, which will take annual capacity from
Notable hotel deals 0.8 to 3.0 million passengers. In addition, the upcoming high speed railway linking
Premier Inn Pattaya (now Travelodge Bangkok and the Eastern Economic Corridor will improve the city’s accessibility.
Pattaya) Nevertheless, it is anticipated that the influx of supply and greater reliance on
Mainland Chinese visitors will put downward pressure on hotel rates in the
medium term.
Source: Ministry of Tourism and Sports, JLLHotel Destinations - Thailand 11
Phuket
Quick facts Tourism
In 2016 (latest data available), Phuket welcomed over 12.7 million total domestic
9.2 million and international visitor arrivals to record a five-year (2011-2016) CAGR of 7.4%. The
International Visitor Arrivals
number of international arrivals has seen a steady rise, reaching 9.2 million following
(2016)
the completion of a new international airport terminal in September 2016. Upon
614 rooms completion in mid-2018, the renovated domestic terminal will comprise a total
Number of New Rooms (2017)
service area of 41,500 square metres.
77.1% Demand
Occupancy Phuket has seen a balanced mix of visitor arrivals from Asia and Europe. Top source
markets include Mainland China (28.8%), Russia (9.2%), Australia (6.1%), Germany
THB 3,740 (5.5%) and the United Kingdom (3.9%). Russia represents the fastest growing market
recording a y-o-y growth of 25.1% as the Russian ruble continues to stabilise.
ADR
THB 2,882 Supply
Phuket saw an addition of approximately 600 rooms during 2017. Over 4,800 rooms
RevPAR
are expected to enter the market from 2018 to 2020. However, this future supply
also factors in the openings of condotels which may not account for full inventory.
The majority of future supply will be concentrated in the upscale segment (61.5%),
New notable hotels
followed by the midscale (28.4%) and luxury (10.1%) segments, respectively.
Rosewood Phuket (Soft Opening)
(47 rooms)
The SIS Kata Resort
Outlook
(124 rooms) The positive outlook for Phuket’s tourism industry is predominantly attributed to the
The Marina Phuket Hotel
ever increasing demand from international visitors. To accommodate this growth,
Phuket has seen a number of ongoing and future infrastructure improvements
(205 rooms)
including the Proposed Phuket Light Rail System which is scheduled to be
completed in 2021.
Upcoming hotels
Ramada ChaoFa Phuket
Sheraton Phuket Kalim Beach Resort
X2 Vibe Phuket Bangtao
Notable hotel deals
There were no hotel transactions in 2017
Note: Phuket refers to Market-wide hotels
Source: STR Global (YTD Nov 2017), Ministry of Tourism and Sports, JLL
ADR - Average daily rate, RevPAR - Revenue per available roomContacts
Mike Batchelor Andrew Langston
International Director Executive Vice President
Head of Investment Sales Strategic Advisory
mike.batchelor@ap.jll.com andrew.langston@ap.jll.com
Chakkrit Paul
Karan Khanijou Chakrabandhu Na Ayudhya
Senior Vice President Senior Vice President
Investment Sales Investment Sales
karan.khanijou@ap.jll.com chakkrit.chakra@ap.jll.com
Pitinut Pupatwibul (Ope) Alex Sigeda
Vice President, Vice President
Strategic Advisory Strategic Advisory
pitinut.pupatwibul@ap.jll.com alex.sigeda@ap.jll.com
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