Hotel occupancy rates in Bangkok during the first quarter of 2024 bounced back close to pre-pandemic levels, primarily fuelled by an influx of MICE (meetings, incentives, conferences and exhibitions) travellers.

Tanakorn Thanuthanud, manager of the valuation and advisory services department at property consultant Colliers Thailand, said Bangkok saw an increase in the number of MICE travellers visiting the city for such activities.

"The resumption of international events in Bangkok attracted more tourists to the city," he said. "Fan meetings and concerts have made a spectacular return to various venues."

According to Colliers, Bangkok's hotel occupancy rates during the first quarter of 2024 reached 80.7%, marking a significant rebound close to that of 2019, with potential for further growth.

Last year, the occupancy rate was recorded at 76.7%, improving from 46.7% in 2022 and 13% in 2021, which had plummeted from 27% in 2020. The peak years were 2018 and 2019, when the occupancy rate stood at 82.4% and 82.2%, respectively.

Over the next two years, the Bangkok hotel market is expected to see an additional 10,000 new hotel rooms, with over half of them coming from the upscale segment.

In the luxury segment, Bangkok will see the completion of new supply totalling 555 keys in 2024.

This includes 52 keys at Aman Nai Lert Bangkok, 244 keys at Andaz One Bangkok and 259 keys at The Ritz-Carlton, Bangkok, all situated on Wireless Road.