With investment in the hotel property sector in Phuket, Thailand, expected to exceed 10 billion baht (US$315 million) for the full year for the first time ever in 2012, Jones Lang LaSalle Hotels (JLLH) is predicting that Phuket will be one of Asia Pacific’s hotel investment hot spots this year.
“With international passenger volumes surging 30% in 2011, the island’s international appeal remains strong,” said Mike Batchelor, managing director of investment sales at JLLH. “In fact, international visitors to Phuket exceeded domestic arrivals for the first time. This growth has been fuelled by excellent air links and the expansion of low-cost carriers across the region.”
Other factors driving growth to the region include a US$180 million planned airport upgrade slated to begin later this year, which will double the existing capacity to 12.5 million passengers annually. In addition, political stability in Thailand since the 2011 elections has seen international confidence return to the region, JLLH reported.
“Phuket has seen record investment in the first half of 2012, and the market looks on track to enter a renewed period of growth as savvy international investors strategically secure landmark properties,” Batchelor added.