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Raffles Royal Hotel, Phnom Penh. Photography: Wesley Monteith
Cambodia’s hotel industry performed well in 2012, with room rates and room numbers expected to increase this year and next.
A new report from real estate agency CBRE says tourism accounted for 9.7% of Cambodia’s gross domestic product in 2012, up 5.5% from 2011. Investment in the tourism industry increased by 16.7% year-on-year, and the total number of foreign tourists increased by a substantial 24.8% year-on-year. Among them, business travelers had the largest increase, reaching 47%.
Phnom Penh’s luxury hotel market “benefits significantly from the ASEAN Summit held in April and November,” CBRE said, which attracted more than 1,000 delegates and international media to Phnom Penh.
Home prices are generally rising on the market, especially for suites and higher-end properties. This in turn can be attributed to ASEAN activities and corresponding business activities,” the company said.
The outlook for Siem Reap’s hotel industry is positive, with “strong growth seen in both 2012 and the ‘peak’ (2012-2013) period, with some hotels recording their highest occupancy rates since 2007.”
CBRE said that as tourism to Siem Reap hit a record high in 2013, “occupancy rates for international hotels and operators increased by 20% compared to the same period in the 2011-2012 peak season”.
“The vast majority of tourists staying in Siem Reap are either part of a tour package or booked through travel and tour operators, particularly in the Asian market,” the company said, adding that international hotel operators are therefore increasingly Choose from many places to stay in Siem Reap. Engagement and presence with tour operators can directly translate increased visitor numbers into higher occupancy rates.
However, local or foreign-owned four- and five-star hotels without international operators “lack international exposure and find it difficult to directly translate increased tourist numbers into higher occupancy rates.”
As Siem Reap is the “gateway to Angkor Wat”, this means that tourists visiting for two or three days spend most of their time outside of their hotels, which undermines food and beverage sales. In addition, Siem Reap lacks many large businesses, which means that the corporate hospitality and events market is very small compared to Phnom Penh. The average length of stay in hotels in Siem Reap is 3.52 days, which is shorter than Phnom Penh’s 4.38 days.
Phnom Penh’s hotel room supply will increase in the coming years with the completion of Sokha Hotel in Shuijinghua District, while Naga 2 – Sokha will bring 500 rooms to the market and Naga 2 will bring 1,000 rooms to the market, making The current supply of luxury hotels has increased by 70%.
CBRE said that “many established luxury hotels are expected to undergo major renovations in the near future” as supply increases and market competition intensifies.
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