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Alpine tourism ignites billion dollar resort property market

Bill Barnett

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Alpine tourism ignites billion dollar resort property market | The Thaiger

by Bill Barnett of c9hotelworks.com

Niseko visitor numbers continue to climb on the back of a sharp increase in airlift.

Tourism arrivals to Asia’s leading alpine destination, Niseko, rose 17% year-on-year in 2017 and bumped up a 5-year growth spree with an impressive 16% compound annual growth rate. One clear sign of market maturation is a push to a year-round marketplace as last year 48% of tourists came during the summer season.

Last year Niseko recorded a record-high 1,676,300 visitors, with large inroads bolstered by surging regional flights. The top 5 geographic source markets are Hong Kong, Singapore, Taiwan, South Korea and Mainland China, with the latter benefitting from direct international flights from 8 cities into the gateway New Chitose Airport.

Alpine tourism ignites billion dollar resort property market | News by The Thaiger

For travelers from Thailand, access to Niseko has been effectively doubled with Thai AirAsia X launching direct flights in April, joining Thai Airways who already serve the popular route. Investment by real estate players has been highlighted by Property Perfect PCL’s investment into the Kiroro Resort. Featuring a Sheraton branded hotel and a second under the Tribute flag, the mixed-use resort recently launched their first condominium project Yu Kiroro.

One sector that is having a direct impact from tourism is the property sector. According to new data released by consulting group C9 Hotelworks in their Niseko Market Review, the transaction value of resort-grade real estate developments currently in the market is set to tip to USD1 billion mark over the next two months.

Alpine tourism ignites billion dollar resort property market | News by The Thaiger

Speaking about the connection between hotels and property offerings C9 Hotelwork’s Managing Director Bill Barnett commented, “given high land values and elevated country-wide construction costs which have been impacted by the build up to the 2020 Tokyo Olympics, it’s extremely hard to underwrite sole hotel developments.

“Projects like Hong Kong’s PCPD Groups’ upcoming Park Hyatt Hotel and Residences has mitigated the situation by selling managed residences as part of the hospitality offering. A similar scenario is playing out at the Niseko Village integrated resort where the Malaysian-based owner YTL is planning a similar Ritz-Carlton Hotel and branded real estate combination.”

With its substantial inventory of resort condominiums and homes, Niseko is very much a tourism model like alpine destinations in the West such as Whister, Vail and Aspen. Examining the recent move by the Japanese government to effectively legalize Airbnb-type rentals via the ‘minpaku’ legislation has been seen by the local tourism community as a positive, given a legitimate solution is now in place to effectively manage non-traditional accommodation.

To download C9 and read Hotelworks Niseko Market Review, click HERE.



Looking to jettison some items before jetsetting away or chartering a yacht? Look no further than Thaiger Classifieds where you can find and post items, work, property and more for free. Be sure to check out YonderTours for things to do in Thailand and tours across the country.

Bill Barnett has over 30 years of experience in the Asian hospitality and property markets. He is considered to be a leading authority on real estate trends across Asia, and has sat at almost every seat around the hospitality and real estate table. Bill promotes industry insight through regular conference speaking engagements and is continually gathering market intelligence. Over the past few years he has released four books on Asian property topics.

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Thai Life

Finance Ministry wants to give 1,500 baht to each domestic traveller

The Thaiger & The Nation

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Finance Ministry wants to give 1,500 baht to each domestic traveller | The Thaiger

The Finance Ministry says they are launching a new stimulus package to boost the country’s domestic tourism by giving Thais 1,500 baht each to spend when they travel to 55 provinces under the promotion campaign.

Under the campaign, Thais aged 18 and over can register for the program. The government will then deposit 1,500 baht into their accounts though the e-payment system. They can use the funds to make e-payments the shops that have joined the project.

“We are collaborating with the Tourism and Sport Ministry and Krung Thai Bank for the campaign and have set a budget of up to 15 billion baht. We will now propose the program to the deputy PM Somkid Jatusripitak and the cabinet to consider as soon as possible. We aim to launch the campaign before July this year,” a source from the Finance Ministry said.

The ministry expects up to 10 million Thais to register for the program, he added.

SOURCE: The Nation

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Bangkok

Bangkok named most popular city for Japanese tourists

The Thaiger

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Bangkok named most popular city for Japanese tourists | The Thaiger

Thai PM Gen Prayut Chan-o-cha says he was happy after hearing that Bangkok was named the most popular destination for Japanese tourists during their Golden Week, a five-day long holiday which begins in late April.

The survey was conducted by Agoda, the online booking platform. Pattaya and Phuket were also ranked among the most popular destinations at #4 and #10 respectively.

“Japanese tourists are among the top 5 nationalities of foreign tourists visiting Thailand, particularly Bangkok where there are many beautiful attractions, delicious food, not-too-high cost of living, and friendly Thai people. The two countries’s cultures are also quite similar. They can go along quite well,” said a spokesperson for the PM.

Lt Gen Werachon Sukondhapatipak, the deputy spokesman of the Thai government, added that the PM loves to follow the updates on the tourism industry. Thai tourists love to escape the summer heat in Thailand, and visit Japan to experience the Japanese spring, visit popular tourist locations, sample authentic Japanese food and the Japanese people. The PM also invited the Thai people to be a good hosts, making all tourists feel welcome and helping keep them safe.

SOURCE: National News Bureau of Thailand

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Bangkok

Bangkok luxury poised to push through the US$300 ceiling

Bill Barnett

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Bangkok luxury poised to push through the US$300 ceiling | The Thaiger

by Bill Barnett of c9hotelworks.com

PHOTOS: Rosewood Bangkok

For hotel owners and managers in South East Asia, one of the great mysteries of the past ten years has been the low rate profile of Bangkok’s luxury hotel set. Despite soaring and sustained tourism growth, rising airlift and a strong economy, rates at Bangkok’s top tier properties have remained fairly stagnant.

Have we reached the tipping point?

I had had the opportunity to visit the latest entry to the Bangkok luxury class a few days ago, the Rosewood. With 159 keys which includes a limited number of posh houses with private pools and terraces the property is seeing an exceptional response and already achieving high rates.

What’s impressive about the entry is a take on the design approach that sees hotel developers apply a non-uniform approach with AvroKO coming in to focus on the restaurants and bars, while the rooms and public areas were led by Celia Chu Design and Associates.

While the speakeasy Lennon’s has not be opened yet, the 6,000 record vinyl collection is impressive and the bar will clearly have a strong pull. Taking the approach to designing restaurants and not typical hotel outlets, the Chinese eatery Nan Bei is a breath of fresh air and limited seating provides a bespoke appeal.

Taking a step back, and looking at recent entries like the Waldorf Astoria, and upcoming 101 key Capella, what is clear is luxury properties are shifting in terms of key drivers of the segment of art, fashion, residential vibe, bar and restaurant offerings, wellness and events.

So, what about rates?

On a broad basis Bangkok’s top tier hotels have averaged rates of US$200-240 for the past few years. This set has seen longer serving properties such as the St. Regis, Kempinski, and Okura effectively flatline on rates, though newer entries have come up including the Park Hyatt. On the broader horizon is the return of the Four Seasons and Capella by the river and the Orient Express at the MahaNakhon skyscraper.

With the entry of Rosewood driving rates, my expectation is that a few of the set will follow and at the end of 2019 we will set limited number of hotels crash through the US$300 average room rate barrier and effectively smash the legacy glass ceiling of Bangkok’s luxury hotels.

As in any business there will be winners and losers. Smaller hotels with some rate leading premium key types will be able to push up average daily rates. Segmentation is another key and hotels on the river that lack substantial corporate numbers will remain challenged until transport links to the area improve.

Where in the world are Bangkok luxury hotels heading?

To sum up 2019, size and location matter, the shift on food and beverage and social events along with niches like wellness and  smaller meetings/weddings are the key to the future. As for the quantum leap in rates, it’s about time Bangkok hoteliers be confident and push rates towards a more global norm.

Bangkok luxury poised to push through the US$300 ceiling | News by The Thaiger

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