Despite hotel glut in Bangkok, Well Hotels sees opportunity

There may be an oversupply of hotels in Bangkok, but Well Hotels & Resorts still sees opportunity, particularly in the upscale segment, as the Bangkok Post reports. The group, in fact, will launch a new hotel in the Thailand capital city later this year: the Well Hotel Bangkok Sukhumvit.

The group's CEO, Danai Wansom, told the Bangkok Post that there was still runway to grow in Bangkok in the upmarket sector. Thailand, in general, is seeing an uptick in foreign travelers, particularly from China.

The number of Chinese tourists visiting Thailand is expected to rise to 6 million this year, up from 4.6 million the year prior.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The 235-room Well Hotel is being positioned to service the medical and wellness market.

Well Hotels said it expects to manage up to 15 hotels by 2022.

"The business environment is changing because everything can be done via the Internet and social networks, Danai told the Bangkok Post.

 

Suggested Articles

Should all of 2020's scheduled hotels come online as planned, China will open the most new rooms next year since the cyclical peak in 2014.

Located within the city’s former World Trade Center building, the property will feature 341 guestrooms and 92 residences.

Growing interest in the lodging sector from institutional investors looking for steady returns has spurred an increase in ground-rent deals.