The favourable conditions for Thailand’s tourism industry have inspired Grande Centre Point Group to set plans for the development of a new family hotel in Pattaya, as well as make a bold forecast for the company’s future.
The company aims for an increase in revenue to Bt2.4B this 2018, a goal they decided upon thanks to the buoyant Thai tourism sector, plus the company’s move into the provincial market, which they will be handling throughout the year.
Part of their plan includes the development of a new, mixed-use family hotel in Pattaya, to be completed sometime in the last quarter of 2018. This development will be the company’s first move into the provincial market.
According to Chief Executive Suwanna Buddhaprasart, of LM Mall & Hotel Co. owner of the Grande Centre Point group, the company earned approximately Bt2.2B in revenue throughout 2017, which is a 30% increase from 2016, while Thailand’s average occupancy rate sat at around 85%. She says that the group is expecting growth to continue this 2018, in light of favourable conditions in the market making the Thai tourism and hotel industries seem set for continued prosperity.
Mrs. Suwanna says that the company aimed for the revenue target of Bt2.4B for 2018, with their major customers to come from several locations across the globe including, but not limited to, China, Hong Kong, Singapore, Japan, the UAE and the US. She does, however, clarify that the overwhelming majority of their customers, a whopping 90%, with the remaining 10% divided between Europe and the Middle East. As a result, the company has marked China as their key market.
Kitti Worrabanpott, Managing Director, detailed the mixed-used development in Pattaya, saying that the company is investing over Bt6B for it, which will include a Terminal 21 shopping centre alongside a 400-room Grande Centre Point Pattaya. According to him, the company has very high expectations of the hotel, aiming for an occupancy rate of 85% within the first year of operation.
The company also expects constant expansion, hoping to open at least one new hotel in a major city annually. He says that the company should be opening a new hotel in Bangkok sometime in 2018.
The Tourism Authority of Thailand says that the country is expecting around 37M international tourists for 2018, which would be a step up from 2017’s 35M.