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Q1 2011 | HOTELThAilAndBangkok Luxury & upper ScaLeHoteL Market report                                                    ...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011                                                          Supply...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011                               cOmpARAble Supply beTween luxuRy ...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011fuTuRe Supply                                 cumulATive fuTuRe ...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011                                           cumulATive fuTuRe Sup...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011demAnd – OccupAncy RATe                                   AveRAg...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011demAnd dRiveRS fOcuS                  inTeRnATiOnAl TOuRiSTS ARR...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011RATeS                                                 AveRAge dA...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011                                     AveRAge dAily RATe Of luxuR...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011RevpARrevpar is the aDr multiplied by the occupancy rate, and is...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011                                    RevpAR Of luxuRy hOTelS by Q...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011SwOT AnAlySiS fROm hOTel develOpeRS And OpeRATORS peRSpecTiveSTR...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011Appendix                               COLLIERS INTERNATIONAL | ...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011hOTel clASSificATiOn                                            ...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011                               COLLIERS INTERNATIONAL | P. 15
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011the centre of Bangkok contains the lion’s share of Luxury and up...
BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011 cOllieRS inTeRnATiOnAl ThAilAnd mAnAgemenT TeAm                ...
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Bangkok Hotel Market Report Q1 2011

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Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1 2011 than the previous quarter. Rates in Q1 2011 are comparable to those registered in Q1 2010.

The trend is still for hotels, especially in Luxury segment, to drive rates down in order to compete and this looks set to continue. A "risk discount" seems to be being applied in the case of hotels in areas deemed prone to further political strife.

Middle Eastern, Indian and Chinese visitors continue to be a growing presence in the Bangkok tourism industry especially during the low season. However traditional tourist markets, the mainstay of the Upper/Luxury segment (ULS), have begun to return to the city. The effect of the reduction in long term bookings after events last April and May appears to be abating.

Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. Only continued strong growth in tourism can mitigate this situation. There will be no respite for the industry for some time to come.

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Bangkok Hotel Market Report Q1 2011

  1. 1. Q1 2011 | HOTELThAilAndBangkok Luxury & upper ScaLeHoteL Market report Bangkok Luxury & Upper Scale Hotel Market execuTive SummARy Hotels showed signs of recovery after a very problematic 2010 with occupancy rates higher in Q1 2011 than the previous quarter. rates in Q1 2011 are comparable to those registered in Q1 2010. the trend is still for hotels, especially in Luxury segment, to drive rates down in order to compete and this looks set to continue. a “risk discount” seems to be being applied in the case of hotels in mARkeT indicATORS areas deemed prone to further political strife. Q4 2010/Q1 2011 Middle eastern, Indian and chinese visitors continue to be a growing presence in the Bangkok new Supply tourism industry especially during the low season. However traditional tourist markets, the mainstay of the upper/Luxury segment (uLS), have begun to return to the city. the effect of the RATeS reduction in long term bookings after events last april and May appears to be abating. OccupAncy Future supply in 2011 and 2012 will further test hotels’ ability to fill their rooms. only continued RevpAR strong growth in tourism can mitigate this situation. there will be no respite for the industry for some time to come.Note AddiTiOnAl Supply by QuARTeR in uppeR/luxuRy SegmenTSFor the purposes of this report the use of the word “hotel”shall refer to the Upper Scale and Luxury hotel ratingsthat are the subject of this report. Hotels with ratingsbelow these will be mentioned by their particular category.Please refer to the appendix for hotel category definitions. Source: colliers International thailand research In Q1 2011 a total of around 75 rooms were added to supply in Bangkok in the uLS with the opening of just one hotel, the Sivatel Bangkok, in the northern cBD area. the total number of rooms at the end of Q1 2011 was more than 15,100 in the uLS.www.colliers.co.th
  2. 2. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011 Supply by lOcATiOn, AS Of Q1 2011 Source : colliers International thailand researchWhile in every area upper scale hotel rooms are in greater supply, their the Sukhumvit area contains a greater proportion of upper Scale roomsproportion in relation to Luxury hotels reflects the nature of each area. compared to Luxury ones. the more down-to-earth nature of this areathe northern cBD contains the high-end shopping malls, comparable to means that fewer Luxury hotels are located here. the distance of thewhat “the Magnificent Mile” is to chicago, or nevski prospekt to St eastern area and northern area from the centre explains why no Luxurypetersburg. as such, many Luxury scale hotels are located there. the hotels are located in these areas and only a limited number of upperriverside is also known as a prestigious area, due to its scenic location, scale rooms. also, these areas have a limited concentration of touristand again Luxury hotels make up a large slice of the hotel market. the facilities.Southern cBD is split between the eastern part of Sathorn road andrama IV, containing more Luxury hotels, whilst the older cBD area ofSilom contains a much greater share of upper scale hotels.COLLIERS INTERNATIONAL | P. 2
  3. 3. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011 cOmpARAble Supply beTween luxuRy & uppeR ScAle hOTel And mid ScAle hOTel Source: colliers International thailand researchthe cBD and riverside are seen as the more high end locations due to from the centre but access to the BtS makes it a popular location foreither being in the centre of the city or by the attractive riverfront. this businessmen and tourists seeking no-frills but still comfortableis reflected in the greater supply of rooms in the uLS. the northern area accommodation.is the main player in the Mid scale end of the market as it is located away COLLIERS INTERNATIONAL | P. 3
  4. 4. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011fuTuRe Supply cumulATive fuTuRe Supply Of hOTel ROOmS by gRAde And yeAR, 2011 – 2013 Source: colliers International thailand researchnearly 1,400 rooms in the uLS are scheduled to be completed in 2011and more than 6,000 rooms in the next two years in the uLS arescheduled to be added to the market.Due to the political protests during april and May 2010 a number ofconstruction projects in the northern cBD area postponed their openingdate to 2011.It is interesting to note the significant amount of upper/Luxury scalehotel rooms that are due to be supplied compared to those in the MidScale category. normally is would be expected that Mid Scale trumpsthe combined supply of the uLS. this would seem to go against thetrend for a greater demand from clientele for no-frills affordableaccommodation as a consequence of the changing dynamics of thetourism market in the city. Many developers are still keen on the higherend hotel categories in Bangkok.COLLIERS INTERNATIONAL | P. 4
  5. 5. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011 cumulATive fuTuRe Supply Of hOTel by lOcATiOn, 2011– 2013 Source: colliers International thailand researchSukhumvit is the most popular area for developments in the future, future. However the northern cBD continues to be the main focus forrepresenting 34% of all future supply for Bangkok. Many developers Luxury scale projects due to its location amongst the most prestigioushave selected to develop hotels in this area due to the convenience to the retail area, offices, embassies and BtS connections.BtS provided along Sukhumvit road which is suitable for tourists andbusiness people alike as well as the vibrant nature of the road. the although thailand has been afflicted with a myriad of problems duringeclectic nature of Sukhumvit has meant that it has attracted a significant the past three years, Bangkok still remains a popular destination fornumber of boutique style hotels that challenge and innovate within the foreign tourists and business people so there still remains a stronghigher end segments. Many in the area are independent, non-branded interest in developing hotels in Bangkok both from domestic andhotels. this represents an interesting investment niche for the foreseeable international investors. COLLIERS INTERNATIONAL | P. 5
  6. 6. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011demAnd – OccupAncy RATe AveRAge OccupAncy RATe Of luxuRy & uppeR ScAle hOTel duRing The yeARS Q1 2009–Q1 201 Source: colliers International thailand researchaverage occupancy rates have been rising since Q2 2010 although Q42010 and Q1 2011 represent the traditional high season for the city. abetter comparison is between the same quarter for different years whichreflects seasonality. For the Luxury scale segment occupancy increasedsignificantly in Q1 2011 compared to Q1 2010 from the mid sixties to thehigh seventies. However a small decrease was recorded in the upperScale segment with a few percentage points drop.although lower room rates are a key factor for the positive numbers inthe Luxury end market, another factor is likely to be the effect of lastyears events in april and May had on long term bookings that moredirectly impacted the high end hotels that cater for this traditional market.this probably accounted for the poor figures for Q4 2010 but theresumption of long term bookings later in 2010 had a beneficial effect onthe occupancy in Q1 2011.COLLIERS INTERNATIONAL | P. 6
  7. 7. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011demAnd dRiveRS fOcuS inTeRnATiOnAl TOuRiSTS ARRivAlS TO ThAilAnd AT SuvARnAbhumi inTeRnATiOnAl AiRpORT by QuARTeR Source: Department of tourismthe figures relate to arrivals to the main airport in thailand and many RegiOnAl SiTuATiOnarrivals may depart for other resorts and cities rather than visiting thailand’s neighbours such as cambodia, Vietnam, Laos and MyanmarBangkok. However the numbers provide some indication as to Bangkok are recording very robust growth rates in tourism arrivals. although theas a destination. numbers from these four countries together amount to about 60% of the total figures for thailand, the continued growth which is far outpacingtourism numbers in Q1 2011 were strong compared to the previous thailand, will likely lead to further competition in the region as touristquarter and the figures in Q1 2011 are the highest in the last 3 years. the infrastructure is upgraded in these emerging economies. Vietnamtotal number of tourist arrivals to Suvarnabhumi in Q1 of 2011 was more recorded a nearly 35% increase y/y in 2010 and now has 5 millionthan 3.4 million, an increase of approximately 9% from Q1 2010 and 13% visitors compared to thailand’s 15.8 million. Further afield many otherfrom the previous quarter, this is despite the disaster in Japan, unrest countries are showing better tourism growth numbers than thailand forin the Middle east and north africa; and the severe floods and mudslides 2010. Singapore, taiwan, Maldives, philippines all grew at a muchin 10 southern provinces of thailand in March, which inversely impacted greater rate than thailand. the new player for 2010the tourism market to a degree. was Sri Lanka, which after years of bloody conflict is now gaining athe disaster in Japan will have affected Japanese tourists, to judge from peace dividend with a 45% increase in arrivals in 2010 with overthe number of foreign tourists arriving in thailand at Suvarnabhumi 650,000 visitors in 2010. While thailand is benefiting from the surge ininternational airport by Immigration Bureau. although Japanese arrivals asian tourism, it remains one of the laggards.increased by 5.8% in March compared to the same month last year, thiswas less than the 10% increase recorded for February. as the disasteroccurred at the end of March the real effect will be noticed in Q2 2011.the Japanese are an especially strong market in Bangkok as well aschiang Mai. COLLIERS INTERNATIONAL | P. 7
  8. 8. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011RATeS AveRAge dAily RATe by gRAde fOR Q1 2010–Q1 2011 Source: colliers International thailand researchaverage daily rate (aDr) for Luxury scale hotels in Q1 2011 fell from the the concern now is that the industry may be in the beginning of a rateprevious quarter by around 16%, due to the competition from upper reduction spiral especially with the expected future growth in supply inscale hotels and in a bid to drive up occupancy with, in all likelihood, the Luxury sector. Hotels in this sector already are highly competitivecorresponding pressure for a more competitive pricing in the long term when compared to other cities in the region.booking sector. this could be termed as a form of ‘risk discount’ inwhich rates tend to be reduced due to the risk of political conflictreoccurring.COLLIERS INTERNATIONAL | P. 8
  9. 9. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011 AveRAge dAily RATe Of luxuRy hOTel by lOcATiOn, Q1 2010 – Q1 2011 Source: colliers International thailand researchthe aDr based on location shows mixed signals and is probably a information provided by the internet, future tourists can assume that thethrowback from the events of april/May 2010. Most of the disruptions cBD is more riskier while Sukhumvit less so and this is reflected in thelast year occurred in the northern and Southern cBD areas. as the current rates.Luxury end market relies on long term booking for a significant proportionof guests, travel operators have mitigated the risk of making such In light of this if current political tensions dissipate then this pricingbookings in these areas with a corresponding reduction in rates. tourists effect will wither. However any ratcheting up of the political situation isare increasingly sophisticated in their perceptions of a country and likely to manifest itself in the cBD area and this will lead to a continuedparticular areas within that country and even within the cities itself. drag on rates due to the ‘risk discount’ factor.through experience of travelling to Bangkok, talking to friends and the AveRAge dAily RATe Of uppeR ScAle hOTel by lOcATiOn, Q1 2010 – Q1 2011 Source: colliers International thailand researchthe upper scale hotels are increasingly in competition with Mid range some locations actually reduced prices for the peak season, in anticipationhotels for the emerging growth markets and, as a result, rates have of the fierce battle for visitors seeking more affordable accommodation.remained on the low side. In contrast to Luxury hotels, this sector in COLLIERS INTERNATIONAL | P. 9
  10. 10. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011RevpARrevpar is the aDr multiplied by the occupancy rate, and is arguably the most important metric for analyzing the current health of the hotelindustry. RevpAR by gRAde fOR Q1 2010 – Q1 2011 Source: colliers International thailand researchthe big drop in occupancy and room rates in Q2 of 2010 led to asubsequent dramatic fall in revpar in that quarter. after the situationreturned to normal in Q3 and Q4, revpar also increased, quarter-to-quarter until Q4 2010. the increase in revpar for the upper scalemarket for Q1 2011 is on the back of an increase in occupancy while forthe Luxury scale segment showed a slight decrease due to higheroccupancy being more than cancelled out by lower room rates. on acomparison between Q1 y/y revpar fell dramatically due to lower ratesin the Luxury segment but was stable for the upper scale hotels.However while revpar is probably the most important statistic, anydetailed analysis of the profitability of the hotel industry must also factorin non room revenue especially in the form of food and beverages (F&B).In some cases in the Luxury scale segment this can provide a verysignificant source of revenue. as many functions take place that bring inrevenue not based on room occupancy there can be some disconnectbetween the F&B and room revenue components. also the increase inoccupancy will also positively reflect on F&B revenue as it is expectedthat the more guests the more F&B revenue is accrued. although thisrelates to the uLS more than the lower scale segments.COLLIERS INTERNATIONAL | P. 10
  11. 11. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011 RevpAR Of luxuRy hOTelS by QuARTeR & lOcATiOn, Q1 2010 – Q1 2011 Source: colliers International thailand researcha small recovery in revpar was recorded in every area except the a corresponding fall in occupancy. the fact that the northern cBD wasnorthern cBD which showed a steep drop for Q1 2011 compared with the main area where the april/May protests took place is probably thethe same quarter in 2010. this was due to daily rates being reduced and main factor for this. RevpAR Of uppeR ScAle hOTelS by QuARTeR & lOcATiOn, Q1 2010 – Q1 2011 Source: colliers International thailand researchrevpar of hotel in all locations except the riverside increased Q1 y/y recorded especially strong numbers due to its increasing popularitydue to the improved occupancy rate in every location. Sukhumvit among various tourist markets. COLLIERS INTERNATIONAL | P. 11
  12. 12. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011SwOT AnAlySiS fROm hOTel develOpeRS And OpeRATORS peRSpecTiveSTRengThSFacilities and services in Luxury and upper scale hotels in Bangkok arevery good value and quality compared with other countries in theregion.the hotel market contains a significant number of strong brands in allpricing categories and this looks set to continue. this leads to betterchoice for visitors.a significant boutique hotel component adds flair and a further creativebackdrop in the market.weAkneSSeSa significant number of hotels, especially in the Luxury/upper scalesegment are due to be completed over the coming few years and willexert even further pressure on a sector facing many difficulties. Suchsupply can only be absorbed if the tourism market in Bangkok showscontinued growth, especially in its traditional markets.Hotels, especially in the Luxury sector, are under pressure to reduceprices in order to maintain occupancy. there is a danger that a pricedownward spiral is beginning to occur.OppORTuniTieSthe growing intra-asian tourism market looks set to benefit every areathat caters to tourism and Bangkok is no exception.With the development of the aSean economic community and variousfree trade agreements between aSean and economic heavyweightssuch as china, the growth in business travel is set to continue. asBangkok remains by far the centre of commercial activity in the countrythe city will attract a growing number of business visitors requiring hotelaccommodation.ThReATSWhile the current political situation in the country has stabilized, tensionsremain and while there remains a risk of an escalation of the situationthen this is likely to affect the industry especially in the areas deemedmost prone to flares ups.other countries are becoming more appealing to tourists. phnom penh,Hanoi, Ho chi Minh city, Vientiane and now yangon offer the temptationsof a frontier location that Bangkok has difficulty competing with due toits maturity as a tourism destination. on the other hand more tourismestablished cities such as Singapore, Hong kong and Seoul arereinventing themselves to appeal to new markets. Singapore is especiallyeffective in this regard with the development of integrated hotelcomplexes and sporting events such as the grand prix. Bangkok risksbeing squeezed between the two.COLLIERS INTERNATIONAL | P. 12
  13. 13. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011Appendix COLLIERS INTERNATIONAL | P. 13
  14. 14. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011hOTel clASSificATiOn upper scale - a degree of luxury as well as quality in the furnishings, décor and equipment, in every area of the hotel. Bedrooms will alsoWhile the thailand Hotels association (tHa) categorizes hotels with a usually offer more space and be well designed, with co-ordinatestar rating, many hotels do not abide by star ratings. therefore in this furnishings and décor. the ensuite bathrooms will have both a bath andstudy, colliers International thailand have produced a classification a fixed shower. It will employ sufficient staff to provide services likebased on the quality of the hotel as assessed by the hotel management concierge and porter service, 24-hour room service, laundry and drycompanies and the British Hospitality association classification. cleaning. the restaurants will provide high-quality cuisine.bASic OveRview Of hOTel clASSificATiOn Luxury - spacious and luxurious accommodation throughout the hotel,Budget – hotels with limited or no facilities. rooms are simple, with matching the highest international standards. Interior design shouldbasic furnishings and sizes ranging from 12 to 18 sq m. impress, with its quality and attention to detail, comfort and sophistication. Furnishings should be immaculate. Services should be formal, welleconomy - comfortable, well equipped accommodation, with an ensuite supervised and flawless in attention to guests’ needs, without beingbath/shower room. reception and other staff aim for professional intrusive. the restaurant will demonstrate a high level of technicalpresentation that offers a wide range of straightforward services, aptitude, creating dishes to the highest international standards. Staff willincluding food and drink. be knowledgeable, helpful, and experienced in all aspects of customer care, combining efficiency with courtesy.Mid scale - hotels are usually of a size to support higher staffing levels,and a significantly greater quality and range of facilities. reception theother public rooms will be more spacious, with a number of restaurants.all bedrooms will have fully en suite bathrooms and offer a good standardof comfort and equipment, such as a hair dryer, telephone andtoiletries.ZOningCOLLIERS INTERNATIONAL | P. 14
  15. 15. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011 COLLIERS INTERNATIONAL | P. 15
  16. 16. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011the centre of Bangkok contains the lion’s share of Luxury and upper primarily a location for offices with limited shopping facilities andscale hotels in the city, being the heart of the city, for both business and reasonable entertainment areas that emulate Sukhumvit.tourism. the riverside is the biggest player in the upper scale and LuxurySukhumvit road up to phrom phong has its own distinct identity, its segment due to its attractive location. However, supply is limited in thislocation being the main nightlife entertainment area in the city for market and no Mid-scale hotels can be found in the area. the thonburiforeigners. as these entertainment facilities extend some way into many side of the area is considered the same market, as the hotel shuttle boatsof the sois, a large number of hotels are also located away from the main that regularly ply between the two banks are an added attraction forSukhumvit road. even within this road, many sois have there own micro- most tourists.identities, such as sois 4, 7, 8 11 and 22. the Western area contains the old city, as well as the backpacker areathe northern cBD has its borders defined by phetchaburi to the north located in Bamglampoo. Whilst this area is awash with hotel rooms,to chalermahanakorn expressway down to rama VI, but also including there are no upper or Luxury scale hotels located here and as such isthe area up to ratchadapisek south of Sukhumvit. this area contains not considered in this report apart from the Mid Scale category.most of the large upper scale shopping malls as well as offices. theemphasis has a mix of business travelers and family tourists.the Southern cBD includes the area bounded by Si phraya, on the southside of rama IV, Sathorn and the eastern side of charoenkrung. It isCOLLIERS INTERNATIONAL | P. 16
  17. 17. BangkOk Luxury & uppEr ScaLE HOTEL MarkET rEpOrT | Q1 2011 cOllieRS inTeRnATiOnAl ThAilAnd mAnAgemenT TeAm 480 offices in 61 countries on 6 continents aDVISory SerVIceS | HoSpItaLIty united States: 135 • the third largest commercial Jean Marc garret | Director real estate services company in canada: 39 the world Latin america: 17 proJect SaLeS & MarketIng • the second most recognised asia pacific: 194 Monchai orawongpaisan | Senior Manager commercial real estate brand eMea: 95 globally reSIDentIaL SaLeS & LeaSIng • uS$2 billion in annual revenue napaswan chotephard | negotiator • over 2 billion square feet under management oFFIce & InDuStrIaL SerVIceS • over 15,000 professionals narumon rodsiravoraphat | Senior Manager retaIL SerVIceS asharawan Wachananont | Senior Manager aDVISory SerVIceS cOLLIErS InTErnaTIOnaL THaILand: napatr tienchutima | associate Director Bangkok Office 17/F ploenchit center, reaL eState ManageMent SerVIceS 2 Sukhumvit road, klongtoey, Bandid chayintu | associate Director Bangkok 10110 thailand Tel +662 656 7000 InVeStMent SerVIceS fAx +662 656 7111 nukarn Suwatikul | associate Director emAil info.th@colliers.com Wasan rattanakijjanukul | Senior Manager pattaya Office 519/4-5, pattaya Second road (opposite central Festival reSearcH pattaya Beach), nongprue, Banglamung, chonburi 20150 antony picon | associate Director Tel +6638 427 771 Surachet kongcheep | Senior Manager fAx +6638 427 772 emAil info.pattaya@colliers.com VaLuatIon & aDVISory SerVIceS nicholas Brown | associate Director phachsanun phormthananunta | associate Director Santipong kreemaha | Senior Manager Wanida Suksuwan | Manager pattaya oFFIce Mark Bowling | Senior Sales Manager Supannee Starojitski | Senior Business Development ReSeARcheR: ReSeARcheR: Manager / office Manager thailand thailand antony picon Surachet kongcheep associate Director | research Senior Manager | research emAil antony.picon@colliers.com emAil surachet.kongcheep@colliers.com this report and other research materials may be found on our website at www.colliers.co.th. Questions related to information herein should be directed to the research Department at the number indicated above. this document has been prepared by colliers International for advertising and general information only. colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. any interested party should undertake their own inquiries as to the accuracy of the information. colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. colliers International is a worldwide affiliation of independently owned and operated companies. accelerating success.www.colliers.co.th

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