Phi Phi Losing Its Fizz?

Roll back the clock two years or even a year ago and the resort island of Ko Phi Phi experienced skyrocketing room rates and occupancies.
After pushing up rates well above the waterline hoteliers are now seeing a backlash as spending power is dropping.
Talking to industry players the question is did Phi Phi rise too far, too fast?
Properties are now struggling to rewind and achieve the same operating results they have in the past.