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Sentiment Survey: The impact on the Bangkok hotel industry
Wednesday, 20th May 2020
Source : Pawinee Chaisiriroj, Apichaya Wongsuwan, Daniel J

The survey discusses COVID-19 pandemic and its unprecedented impact on the Bangkok hotel market and on a property level, the survey focuses on hoteliers’ point of view on contingency measures, business strategies, signs of recovery, and comparison between pre- and post-COVID-19.

The survey was distributed to participants on 15 April 2020 and the data collection period was available through 30 April 2020.

Survey Overview: Contingency Measures, Signs of Recovery, and Market Outlook

  • The level of effectiveness for each contingency measure
  • Other contingency measures being undertaken
  • Contingency measures being undertaken from the Corporate Office to support Hotel Owners
  • The period of implementing the contingency measures
  • F&B business models to support local resident demand
  • Staycation business model (*staycation: local resident demand)
  • An indication of signs of recovery
  • A recovery period by each market segment
  • A recovery period by each source market
  • The market’s dynamic between pre- and post-COVID-19

Key Takeaways

  • Over 70% of the sample hotels are located in Middle Sukhumvit, Siam-Chidlom-Ploenchit, and Silom-Sathorn areas.
  • There are a number of contingency measures being undertaken to control operating cost at a property level. The contingency measures are planned for an average of 4.5 months.  
  • 21% of corporate offices offer to defer management/license fee payments.
  • Respondents have difficulties ascertaining clear signs of a recovery.
  • 34% expect full recovery could take more than a year.
  • The short-haul market is expected to recover in less than a year and the domestic market to recover in 1-2 months.
  • There is an expected shift in the market post-COVID 19 with regards to the overall performance and market segmentation. Almost 90% believe the industry will employ less full-time staffs to be cost-efficient.

Respondents

Respondents by its Opening Status

Source: HVS

The fully open and partially open properties record a reduction in the number of staff by approximately 10% during this period. The properties that are temporarily suspending operations are expected to close on an average for approximately 1.7 months.

Read the full report here

Pawinee Chaisiriroj is a senior manager at HVS Bangkok, providing a range of consulting and advisory services for the hospitality industry in the Asia Pacific region. Prior to joining HVS, Pawinee gained experiences in hotel operations with the Ritz-Carlton, Mandarin Oriental and Four Seasons. Pawinee holds an Honours Bachelor of Arts Degree in Hospitality Management with Real Estate Finance and Revenue Management from Glion Institute of Higher Education in Switzerland. For further information, please contact: pchaisiriroj@hvs.com

Apichaya Wongsuwan is an Analyst with HVS Bangkok. She holds a Master in Global Hospitality Business from Ecole hôtelière de Lausanne in Switzerland in partnerships with Hong Kong Polytechnic University and University of Houston – Conrad N. Hilton College. Prior to joining HVS, she launched a hostel in Thailand with her Bachelor of Science from the University of Delaware. For further information, please contact: awongsuwan@hvs.com

Daniel J Voellm, Managing Partner HVS Asia-Pacific, is based in Hong Kong and has provided advice in all major markets across 23 countries and territories in the region. Daniel Voellm started his career at HVS in the New York office; as Vice President at the global headquarters, he conducted a wide range of appraisals and market studies as well as underwriting due diligence services in 22 US states and in Canada. Daniel brings a strong understanding of the hospitality industry to HVS. His experience in hotel and food and beverage operations in Germany, Switzerland, England and the USA is complemented by an Honours Bachelor of Science degree from Ecole Hôtelière de Lausanne in Switzerland. Daniel works closely with key institutional and private owners of hotel properties, financiers, developers and investors, and has gained a strong understanding of their investment requirements and approaches to assessing the market value of investment properties. Daniel further advises on property and concept development and strategy. For more information please contact, dvoellm@hvs.com 

www.hvs.com

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