A hotel room rate survey by Agency for Real Estate Affairs showed that the average room rates of five-star hotels in Bangkok stays at Bt5,000-Bt6,000 per night, which is 30 per cent lower than the rates enjoyed by hotels in Singapore and Hong Kong.
Based on the data from hotel booking website, agoda.com, the rate is 23 per cent below that of Jakarta, 14 per cent below Manila's hotels and 21 per cent below Kuala Lumpur's hotels.
Sopon Pornchokchai, executive chairman of the company, said that the situation is worrisome as Thailand houses many five-star hotels. And while five-star hotels suffered, those with lower stars could have suffered more. Aside from lower room rates, hotels also suffer from lower occupancy rate. He noted that this would pressure the values of hotels.