Phrom Phong is set to get a new hotel after Urban Hospitality Group announced plans to build a property valued at THB400 million along the popular street, reports local media. The company will start construction sometime in 2018 with a goal of opening the property in 2019.
The Quarter at Phrom Phong will have 120 rooms and will be the 8th hotel developed by Urban Hospitality. The company launched both Ari Hills and Ladprao Hills last year and these mixed-use projects, which include hotel space, are set to open next year.
Earlier in 2017, the developer launched a hotel on Phloenchit worth THB400 million. The company already manages 4 hotels in Bangkok. They are Evergreen Place Bangkok, The Residence on Thonglor, Asoke Residence Sukhumvit, and Alt Hotel Nana. These properties have an average occupancy rate of 88 per cent in 2017 and the company expects this number to increase during the high season.
The Residence on Thonglor
Urban Hospitality is now targeting the Sukhumvit area and Phrom Phong as it wants to serve the growing number of tourists visiting this part of Bangkok. EM District, a large shopping centre, is set to expand with a new lifestyle mall called Emsphere, which should attract even more visitors.
“We’re confident that our tourism industry will continue to grow over the next decades. We focus on the middle class, which is the fastest growing sector among tourists in Bangkok. Additional properties will allow us to optimise our existing resources to their full potential, and yield management and economies of scale that will be pushed to a greater extent,” says Urban Hospitality Managing Director Wutthiphon Taworntawat to the Bangkok Post.
Local and international developers are also preparing to open new hotels in and around Phrom Phong. Hyatt Regency, Hyatt Place, Ibis/Mercure, Carlton group, and Japanese hotel company Solaria Nishitetsu are already building properties that will open in the coming years.
Receive the latest property news on email from Thailand’s No.1 property website here, or read more project reviews
