Asset World unveils ambitious local plan
Firm aims to open 50 Thai hotels in 5 years
Asset World Corporation, an asset development company under TCC Group, plans to open 50 new hotels in Thailand over the next five years and aims to grow its revenue by 30% this year.
Chief operating officer Nishant Grover said the company is set to become the fastest-growing asset development company in terms of hotel rooms and revenue, competing with larger players in the hospitality industry.
“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,” he said.
The 50 new hotels will bolster its Thai portfolio to 88 hotels.
Asset World owns 46 hotels, of which 23 are managed by international hotel chains. The other 23 hotels are managed by its own company.
Some 38 of the hotels are in Thailand, with the remainder in the US, Australia, Laos and China.
Mr Grover said Asset World’s hospitality business has performed very well in recent years as Thailand’s tourism industry continues to grow, especially in Bangkok, which is among the world’s top tourist destinations.
Last year the company’s hospitality unit grew 13% and contributed 80% of its total revenue. The remainder came from retail and residential projects.
The company did not mention its total revenue last year.
Asset World plans to open two more hotels this year. The first one is located in Bangkok and will be managed by the Marriott International, and the other is located in Chiang Mai and will be under its own management.
Mr Grover expects the company’s revenue to grow by more than 30% this year after the opening of two new hotels. Earlier this year, it opened Raweekanlaya Bangkok, a 38-room boutique hotel located along Khlong Phadung Krung Kasem in the old city.
Raweekanlaya Bangkok is Asset World’s first hotel under the Wellness Collection label. The hotel has been transformed from Thewet Palace, which was built in the late 1800s as the residence of the royal governess of King Rama VI. The palace incorporates Doric and Ionic architectural features.
Mr Grover said the company aims to develop new hotels in the country under four of its brands: The Imperial Collection, The Wellness Collection, The Floral Collection, and The AT Collection.
Asset World is keen to invest in hotels in Asia-Pacific over the next three years, covering various customer groups and price ranges, he said.
Its hotels will target Thais looking for a weekend getaway as well as foreign visitors.
One month after the soft opening of Raweekanlaya Bangkok, the hotel’s guest mix was 60% foreign tourists and 40% Thai. Mr Grover forecasts the boutique hotel’s occupancy rate will stay around 75% this year.