Thailand's Latest Hotel Subsidy

STR said China Hotel RevPAR, the week ending March 4, was up 67.2% year over year. When compared to the week in 2019, hotel RevPAR in China was down -4%.

The Bangkok Post reported that 112,876 room nights were reserved out of 560,000 available within six hours of the latest phase of the hotel subsidy program going live. The Tourism Authority of Thailand said the value of transactions during the first six hours of availability yesterday reached 443 million baht from the room nights. Of that amount, 60% or 273 million baht was paid by the purchaser and 170 million baht came from the government subsidy. There were 500 hotels added for the fifth phase of the scheme. Key destinations such as Chiang Mai and Bangkok have high levels of air pollution at the moment but bookings for those destinations were strong as tourists have not postponed or canceled their trips. The Tourism and Sports Ministry said 15.8 million domestic trips were made in January this year, comprising both overnight and one-day trips, an increase of 65% over the corresponding period last year. Revenue for the period from local tourists rose 47.3% to 70 million baht. Bangkok led with 2.7 million visitors.

Marriott International announced plans to introduce the Ritz-Carlton to Phuket, Thailand following the signing of an agreement with Asset World Corporation. The agreement stipulates plans for the strategic renovation and rebranding of the existing Westin Siray Bay Resort & Spa, Phuket. The property is expected to open in 2025 located on the unspoiled east coast of the island overlooking the Andaman Sea, a short distance from Phuket’s old town. The resort is expected to undergo an extensive rebranding, ensuring that it reflects the contemporary design and thoughtful amenities the Ritz-Carlton is known for. Upon opening the hotel is expected to offer 182 guestrooms, suites and private villas, ranging from 50 square meters to an expansive 196 square meters. There will be a choice of eight restaurants, bars and lounges, a fitness center and three swimming pools. Plans also call for a signature Ritz-Carlton Spa with eight treatment rooms, whirlpools, plunge pools, steam rooms, a sauna and a salon. There will be four function rooms with 544 square meters of indoor space plus a 168 square meter pre-function area.

Four Seasons Hotels and Resorts, in collaboration with Taipei-based developer Yuan Lih Construction Co Ltd has unveiled plans for a new luxury hotel in Taipei. Located in the city’s Xinyi District and housed in a 31-story tower, the 591-foot-tall Four Seasons Hotel Taipei will feature 260 rooms with city and mountain views. The hotel will include a Chinese restaurant, all-day restaurant, a destination bar and a lobby lounge. The higher floors will offer panoramic views of Taipei and the mountain ranges on the horizon. The hotel will have an executive club lounge fitness center with an outdoor pool and spa, as well as a grand ballroom and a junior ballroom. Garden space on the ground floor will also be available for meetings and events. The hotel is expected to open within a few years.

Dusit International’s Elite Havens has expanded its portfolio of more than 300 luxury villa rentals by adding four new properties in Thailand and Indonesia. The new additions include Permata Ayung Private Estate, Ubud, Bali, Indonesia; Tirtha Bayu Estate, Seseh-Tanah Lot, Bali, Indonesia; Infinity View, Kata, Phuket, Thailand; and Inasia, Lipa Noi, Koh Samui, Thailand. Permata Ayung Private Estate offers 12 bedrooms in individual pavilions while, also in Bali, Tirtha Bayu Estate features an interconnected complex of two villas, the modern six-bedroom Villa I and traditional five-bedroom Villa II. Infinity View in Thailand is an elegant four-bedroom villa near Phuket’s Kata Noi Beach while Inasia features eight guestrooms with views of the deep green sea.

Abacore Capital Holdings Inc. has partnered with Chinese property developer Shanlin Real Estate Co., Ltd. for a P1.5 billion resort project in Batangas in the Philippines. The project will be headed by a joint venture company, Fluvion Real Estate Development Inc. and will be constructed at Montemaria Shrine, a pilgrimage center owned by AbaCore. AbaCore will contribute the land for the resort. Fluvion is aiming to attract 1 million visitors every year and employ 1,000 people in the local community. It expects P800 million to P1 billion in annual income. The resort will feature a glass walkway, which the company expects to be completed this year. It will also have a waterpark, envisioned to be the largest in the Philippines, expected to be finished in 2024. A hotel with a 360-degree view of Batangas Bay is scheduled to be completed the following year.

K Raheja Realty is one of the seven prospective bidders who have expressed interest for bankrupt Asian Hotels (West), which operates the Hyatt Regency hotel in Mumbai. Other prospective applicants include Pune-based Panchshil group, Jindal Steel and Power and an overseas company as well. The last date for submitting resolution plans by the applicants was extended to April 7 from the originally scheduled date of March 10. Bankruptcy proceedings were initiated against the company last year on a plea filed by the main lender YES Bank. Hyatt Regency in Mumbai is a 401-room, five-star deluxe hotel.

Pontiac Land Private Limited announced they converted US$180 million in bank loans for its Maldivian island archipelago Fari Islands (comprising Patina Maldives, Fari Islands and the Ritz-Carlton Maldives, Fari Islands) into green loans, upon achieving EDGE Advanced Certifications. This is Pontiac Lands’ first green loan and DBS, HSBC and UOB were the Green Structuring Banks.

Middle East Highlights

Marriott International signed an agreement with NEOM to open three properties on their luxury island destination of Sindalah in Saudi Arabia. The agreement will result in Marriott International opening its first Autograph Collection Hotels property in Saudi Arabia, as well as two Luxury Collection hotels. Marriott’s Autograph Collection Hotels in Sindalah as slated to open in 2024 with plans for the resort including 66 rooms and suites, including one and two bedroom villas, multiple dining options, a kid’s club and a spa. The two Luxury Collection hotels will also open in 2024. The first is a beach resort that will offer a mix of 70 luxury rooms and suites, including one, two, three and four bedroom villas, all featuring private pools. The second hotel is expected to be an all-suite property offering 115 one, two and three bedroom luxury suites, to be situated in the heart of the retail and marina district of Sindalah. The luxury island destination is expected to welcome guests from early 2024. Sindalah will feature 413 ultra-premium hotel rooms overall including 88 villas and a further 333 serviced apartments.

IHG Hotels & Resorts announced the signing of a management agreement with Mohammed Bin Salman Nonprofit City for a new Hotel Indigo within the city near the Irqah area along Wadi Hanifa in Riyadh. The new hotel is set to open in 2025, adding to IHG’s growth plans across various new developments that align with Kingdom’s Vision 2030 tourism strategy. The hotel will be located next to the city’s Al Mishraq Zone. The new build Hotel Indigo will feature 234 guestrooms and suites, as well as 138 serviced apartments, situated just 15 minutes from Riyadh city center. The hotel will include three dining options for guests, including a neighborhood café, specialty dining venue and a lobby lounge. There will be four multi-purpose meeting spaces, a contemporary health club and a swimming pool. IHG currently operates 37 hotels across five brands in Saudi Arabia.