Thailand's battered hotel sector is showing increased signs of fatigue as the global pandemic enters its third year. Nowhere is this more apparent than in Phuket, where over 73% of new hotel developments either lie dormant or have been put in hold, according to the Phuket-based consultancy C9 Hotelworks.
Owners are now suffering from a "fear factor" in light of a volatile marketplace and unclear future outlook. Negative sentiment and stressed liquidity have affected development, with an incoming supply of 33 hotels with 8,616 rooms facing an unknown future, C9 Hotelworks says in its "Phuket Hotel Market Update 2022".
