CP Land is set to open nine new hotels over the next three years in locations throughout Thailand if local media reports are to be believed. The estimated budget for the upcoming hotel projects is expected to come in at more than THB 2.2 billion.
CP Land’s new hotels will be built in Rayong, Buri Ram, Loei, Nakhon Ratchasima, the Khao Yai area of Pak Chong district) Nakhon Si Thammarat, and other provinces to be determined at a later time, The Nation notes.
Naravadee Waravanitcha, Executive Vice President for Investment and Hotel Management, tells the newspaper that the new developments will mainly be in the budget segment and each one will have an approximate investment of THB 120 million per hotel or THB 1.2 billion in total. The company also has plans to invest another THB 1 billion in an upscale hotel in Korat with that project expected to be open in 2021.
“We will focus on the budget segment in order to meet the demand from tourism. Each budget hotel will consist of 79 rooms and the room rate will be Bt790 per night,” Naravadee says.
CP Land operates five hotels in three categories at the moment. There are city hotels in Bangkok and Nakhon Ratchasima with the Fortune Rajpruek Korat Hotel scheduled to open next month. The company also owns one resort in Chiang Rai and two in Nakhon Phanom and a budget hotel in the Tak province. The ultimate goal of the company is to eventually have hotels in every province in Thailand. There are also plans for international expansion in the near future.
Experts are expecting the tourism industry in the country to continue to grow despite many negative factors troubling the country. CP Land’s hotels had an average occupancy rate of 60 percent in December of 2016, which was similar to 2015’s totals.
