The annual Hotel Investment Conference Asia Pacific Update in Singapore last week wrapped up on generally positive comments from most of the international operators weighing in with cautious optimism for the country.
One owner/operator French global hospitality giant ACCOR who manages over 40 hotels in Thailand was less than positive, as Chairman and CEO for Asia Pacific Michael Issenberg said “based on the protracted political events in Bangkok, that he was indeed very worried , and that the company was reviewing it’s regional Bangkok office.”
Currently the company has an extensive presence at it’s regional offices in Central World office tower which provides back office functions for much of Southeast Asia.
While Thailand has announced a new round of recent zero tax incentives for ROH(regional operating headquaters) of international firms, clearly the timing may not be wise given the uncertainty facing businesses who have suffered from protracted volatility over the past 24 months.
It was good to see a reasonable turnout from the Thai hospitalty sector at the major investment forum including Amari (newly cristened management arm Onyx) , Anantara, CBRE Thailand, Jones Lang LaSalle, Outrigger, Keen Media, Royal Phuket Marina, Golden Land and Limcharoen Hughes all working to keep the country visible in Asia’s spotlight.