As Thailand reopens its borders to tourists and travelers from abroad, CBRE, a leading global real estate consulting firm, has expanded its services to include Hotel Asset Management. Currently, hotel owners are seeking advice on budgeting for the upcoming year and the feasibility of hotel renovations, recognizing the potential for economic recovery from COVID-19.

Mr. Attakawi Chusaeng, Head of the Hotel Business Division at CBRE Thailand, commented, "With the recovery of the hotel business showing positive trends, CBRE is expanding its service base to help hotel, resort, and serviced apartment owners gain a comprehensive view of their assets, recognizing their potential for profitability and asset value enhancement. CBRE's hotel experts possess both operational expertise and knowledge in commercial investment. This service comes at a timely moment, with increasing vaccination rates and the reopening of borders in various countries in the region, signaling a recovery that is likely to encourage hotels to resume operations to welcome incoming guests. Hotel asset management is a strategy for managing returns and asset value during both prosperous and challenging times. CBRE experts will analyze assets from all dimensions to create strategies and practical, sustainable action plans that align with hotel owners' investment goals throughout the asset's lifecycle. Our services include hotel acquisitions, asset conversion to capital, repositioning of assets in the market, market research, and hotel sales. Currently, the process of hotel asset management is more urgent and important than ever, as hotels begin to generate revenue again."

Additionally, CBRE has appointed Mr. Chris Ely as the Head of Hotel Asset Management for the Asia region, recently based in Singapore. With over 20 years of experience as a hotel executive and asset manager, Mr. Chris will lead the hotel asset management business and hotel chain selection at CBRE under the capital markets team, working closely with clients to unlock the value of hotels and service properties, enhance profitability, and align with the investment goals of stakeholders.

CBRE's research department found that the hotel market in Thailand still has good opportunities in the upcoming quarters, as evidenced by the recovery in Q3 2021, particularly in early July when the government launched several tourism initiatives, such as the Phuket Sandbox and Samui Plus, to stimulate the economy and revive tourist destinations. This led to a significant increase in the number of international tourists entering Thailand in Q3 2021, rising by 123.9% compared to the previous quarter, from 20,275 in Q2 2021 to 45,398 in Q3, and more than 100% year-on-year from zero tourists in Q3 2020 to 45,398 in Q3 2021. Meanwhile, the hotel occupancy rate in Bangkok for Q3 2021 was at 21.6%, an increase of 7.9% compared to the previous year.

The absence of new hotel openings in Q3 2021 resulted in a total of 76,712 hotel rooms in Bangkok. CBRE's research department forecasts that by 2023, there will be an additional 11,000 rooms, representing a 14.4% increase, bringing the total to nearly 88,000 rooms.

"With the anticipated increase in hotel supply in the future, CBRE will continue to expand its services for the hotel business to meet the diverse needs of hotel owners, from project development to hotel operations, enhancing hotel capabilities, and exploring business sale opportunities. CBRE's role in hotel asset management will involve collaborating with clients to ensure that their hotels, service assets, and profitability capabilities are maximized. The crucial question now is when and how the value of clients' assets will return to pre-pandemic levels," Mr. Attakawi concluded.