Baiyoke Group of Hotels is looking at other investments, including office buildings, as it seeks to diversify its portfolio and reduce business risks, local media reported. The company already has its first office project lined up and is also looking at new destinations for its hotel.
Vice-chairman Piyalert Baiyoke told the Bangkok Post that Baiyoke will soon begin construction on a 20-story office building located on Sri Ayutthaya Road. He added that the building is expected to be completed before 2020.
The shift office comes as demand for commercial space in Bangkok has risen dramatically, especially in the central business district. Additionally, rents in Thailand’s capital have remained relatively steady during the past few years.
“It’s our first office building after putting our focus on hotels for a long time. We started expanding into the food business four to five years ago and now it’s about property,” he explained to the newspaper.
And while Baiyoke is diversifying into the office sector, hotels will remain its core business. Piyalert noted that the group is expected to open two new properties next year. The Bangkok Midtown Hotel (imaged) sits on a 10-rai plot of land on Phetchaburi Road and is currently 80 percent completed. The four-star hotel with 180 rooms is scheduled to open early next year. Another four-star hotel, this one with 80 rooms on Ratchadaphisek Road, is expected to open by the end of 2016.
The company is also interested in building a resort in Hua Hin as the town continues to grow in popularity. Baiyoke has the Santisuk Beach Resort in nearby Cha-am and could look to build a similar property down the road.
Baiyoke also has four hotels in Bangkok: Baiyoke Sky Hotel, Baiyoke Suite Hotel, Baiyoke Boutique Hotel and Hua Chang Heritage Hotel. There are another three properties in Thailand including Baiyoke Ciao Hotel in Chiang Mai, Baiyoke Chalet Hotel in Mae Hong Son and Baiyoke Seacoast Resort in Koh Samui.
