Grande Asset Hotels & Property is hoping to own a total of 10 hotels in Thailand before the end of the decade as the company looks to sustain its revenue growth. This comes after a difficult five years where the company has recorded both net profits and net losses.
Paisit Kaenchan, Grande’s chief executive said that the company plans include the balancing of revenue between its property and hotel businesses as it hopes to generate a more sustainable income. Revenue from its hotel business totaled THB1.03 billion while the company’s property development earned THB286 million last year.
At the moment Grande currently owns four hotels: The Westin Grande Sukhumvit Bangkok, Sheraton Hua Hin Pranburi Villas and Sheraton Hun Hin Resort & Spa. A fourth, Hyatt Regency Bangkok Sukhumvit, is under construction and scheduled to open in late 2017. Meanwhile three more property developments from the company are also in the works. These are Hyde Sukhumvit Condominium Bangkok, Hua Hin Blue Lagoon Phetchaburi and the Trendy Condominium.
Grande also purchased a 100-rai land plot in Rayong for THB600 million recently. The developer is planning to build a large, mixed-use project featuring a condominium, villas and a five-star hotel that will be the largest such development in its portfolio. Once completed, the property will become the company’s fifth hotel and second five-star hotel in Rayong.
The company believes Rayong is set to be a new tourist destination in eastern Thailand as more travelers look to get away from Pattaya which is now overcrowded with guests from China and Russia.
In order to get up to 10 hotels by 2020, the developer will also look at taking over unbranded medium-sized or economy class hotels and rebranding them. The properties purchased by Grande will undergo extensive renovations that will transform them into four- or five-star rated facilities.
Image: Hyatt Regency Bangkok Sukhumvit, Grande’s fourth hotels in Thailand, which is scheduled to open in late 2017.
