International Developers See Thailand As Worth Investing In

January 5, 2019

Looking back at the entire 2018, it has been a good year for the hospitality industry of Thailand because many investors, both local and global, are investing their money to construct more hotel rooms in the country in order to meet the current demand which continue to grow yearly. There are many hotels near in Pattaya that are being renovated to offer more room accommodations than before.

There is a reason behind the progress of the hotel industry and it all boil downs to the increase in number of domestic and international traveller’s. Based on the prediction made by the Tourism Authority of Thailand, foreign travellers will reach 40.3 million while local travellers will go around the country about 177 million times.

Based on the expectations of the Thai Hotels Association, the hospitality industry will remain strong in the country despite any political crisis that might arise in the coming 2019 elections because the global economy has been stable for a while now.

The challenge remains for hotel operators because their room prices are still the lowest compared to other big cities that are within the Southeast Asia. In a survey conducted at the end of quarter three, there are already 143 hotels in the country while there are 33,855rroos available.

Global companies are mostly responsible for the latest developments in the industry. For instance, this month of December saw that Okura Nikko Hotel Management Co which is based in Tokyo has made an announcement regarding their next project which is to launch a hotel in Chonburi which is 60 kilometres to the southeast part of Bangkok. This hotel will be available to the public by 2021.

Ratanakorn Asset, a local real estate company, in partnership with IHG said that they have already made a contract to construct eight additional properties in major destinations in Thailand including Pattaya, KohSamui, Phuket, Khao Lak and Rayong. This will no doubt add to the hotels near in Pattaya which will give locals and tourists more options if they want to visit the province. Unlike Bangkok, Pattaya is more laidback but will all the fun the metropolis has to offer.