Thai hoteliers must cut prices or suffer in 2000, according to Tradewinds contracts manager Franco Sessini.
“If the bubble hasn’t burst already, there is a good possibility it will do soon. Last year in low season, Phuket and Koh Samui were looking at occupancies of 80% or more; this year they’re down in 30% and 40%,” he said.
Despite the slackening demand, hoteliers are still holding out for higher prices. “We’re finding buying-in rates for next year are up between 6%-20%. This will carry into 2000 and Ifeel demand for Thailand will suffer as a result,” Sessini added.