Laguna and Listed Hotel Companies Register Dramatic Declines
It's reporting time for 1st quarter 2009 operating results of Thai listed hotel companies. According to UOB Kay Hian Securities Laguna Resorts and Hotels dropped by 80% from THB 718.6 million in 2008 to THB 109.3 million this year. What was considered to be high season came in with consolidated occupancies of 60% against 87% a year earlier.
Bill Heineke's Minor International who has ownership interest in the JW Marriott and Anantara hotels on and island and owns properties operated by Four Seasons and Marriott along with its own Anantara brand saw less pronounced drops of 47% from THB 750 million down to THB 400.36 million this year. Occupancies shrunk from 80% down to 58%.
The Erawan group which counts the Patong Ibis and Six Senses Destination Spa here in Phuket amongst its large scale hotel assets dropped down to THB 20.95 million from THB 134.24 in 2008.
Looking towards mid year figures and full year 2009 the outlook remains uncertain with a certain impact by the 'red shirt' demonstrations, economic downturn and swine flu epidemic. By all accounts recovery expectations are now being pushed into 2010 by most industry analysts.