Thai hotel developer says bookings starting to recover

The hotel development unit of Thailand’s richest man said room bookings have started to recover from the disruption caused by the novel coronavirus outbreak.
The spread of the disease impacted some 60% of the hotel and retail properties in Asset World Corp.’s portfolio by deterring tourism and sparking event cancellations, according to its Chief Executive Officer Wallapa Traisorat.
“We’re starting to see a pickup in bookings now,” she said in an interview in Bangkok yesterday. “We are hopeful that the government campaign to promote domestic tourism could boost the sector.”
Travel curbs and fear of exposure to the virus led to a slump in the tourism industry, which Thailand relies on for economic growth.
The firm, the Thai property arm of billionaire Charoen Sirivadhanabhakdi, develops hotels, shopping malls and office buildings. It listed on the country’s stock market last year in a 48 billion baht ($1.5 billion) initial public offering.
The company’s biggest hotel and convention property in Bangkok, Marriott Marquis Queen’s Park, had less than 50% occupancy this month, according to Wallapa. Shoppers at its flagship retail destination, Asiatique, dropped more than 50%.
Other locations weren’t affected at all, such as a hotel in the popular destination of Hua Hin used by domestic tourists. The hotel remained fully booked, she said.
“The impact on revenue from the coronavirus is likely to be short term,” Wallapa said. MDT/Bloomberg