The hotel wars in Thailand continue to heat after TCC Group’s Asset World Corporation subsidiary revealed that it wants to open 50 new hotels in the country over the next 5 years, reports local media. It currently operates 38 hotels in Thailand and 8 more in the United States, Australia, Laos, and China.
The plans would see Asset World become the fastest-growing asset development company in terms of hotel rooms and revenue in the country. If successful, the company would be able to compete in Thailand’s hospitality industry that is currently dominated by bigger companies.
The company opened the Raweekanlaya Bangkok hotel earlier this year. The 38-room, boutique property is situated in Bangkok’s old city along Khlong Phadung Krung Kasem. The hotel is Asset World’s first property under its Wellness Collection brand. The hotel was built at the site of Thewet Palace, which was constructed in the late 1800s. The company transformed the palace that once served as a residence of the royal governess of King Rama VI into an upscale hotel catering to tourists.
There are plans for Asset World to open 2 more hotels in 2017 before kicking its expansion plans into overdrive next year. The 1st property will be a Marriott International managed hotel in Bangkok while the other hotel will be located in Chiang Mai. The company is likely to manage this hotel itself.
“Asset World will keep opening more hotels that are unique in appearance and format as part of our plan to drive revenue and achieve the fastest growth for project development,” says Asset World Chief Operating Officer Nishant Grover to the Bangkok Post.
Of Asset World’s 26 properties, 23 are managed by international hotel chains and it manages the rest under its 4 unique brands. The company’s hospitality business has been successful in the past few years thanks to Thailand’s growing tourism industry that has seen visitors come to the country in record numbers.
Featured Image: www.raweekanlaya.com
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
