25 DYNAMIC EMERGING TOURISM MARKET Our tourism market research indicates that Cambodia has great potential to repeat the success of such developed tourist markets as Thailand, and in some regards to surpass it. Inbound tourism growth to the Cambodia has increased by 16% p.a. over the past 10 years. Key factors favoring intense tourism development growth in Cambodia include the operation of two international airports (Phnom Penh and Sihanoukville), tropical nature, sandy virgin beaches, UNESCO listed cultural heritage objects and a hospitable, service-oriented people. Sihanoukville represents an ideal tourism destination featuring pristine beaches, tropical islands and lush greenery. The current Sihanoukville hotel market is characterized by a large number of guesthouses of average quality, as the destination predominantly attracts backpackers. Existing and future supply of international/branded hotels in Sihanoukville is still very underdeveloped.The upscale or luxury hotel market is close to non-existent with only one fivestar hotel in the local market. The lack of quality hotel product in Sihanoukville indicates potential for an upward migration in new supply. Based on the performance of comparable destinations and seasonality, average annual room occupancy of 55% appears reasonable, considering the demand catchment area and seasonality. With the anticipated supply of new hotels and the launching into operation of medium- and long-haul flights at its recently upgraded international airport, Sihanoukville will attract more interest from regional and international hotel brands. The hotel market in Sihanoukville is an emerging market in terms of regional and domestic demand growth. There is a limited pipeline for the next 5 years of serious upscale or luxury hotels and resorts competition anticipated in the Resort ’s catchment area (Sihanoukville).
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