Thai hospitality groups eye global expansion amid tourism recovery
The global tourism recovery has spurred Thai hospitality groups to broaden their horizons beyond domestic borders, tapping into the robust demand in numerous destinations. In the previous year, many hotel management companies reported substantial profits, with some even witnessing their average daily room rates surpass 2019 levels, particularly in prime locations.
Minor International (MINT), the largest hotel chain in Thailand, boasting more than 75 properties, posted significant progress. The group operates 540 hotels across 56 nations, with 23 properties in Thailand and 517 overseas.
The first quarter of this year will see the group open eight new hotels, including the inaugural Anantara hotel in Austria, as part of its strategic European expansion, reports Bangkok Post.
S Hotels & Resorts (SHR) also continued its vigorous international growth. Of its 38 hotels, the majority of its portfolio lies in the UK, with 27 hotels. In contrast, its homegrown brands, SAii and Santiburi, are primarily located in Thailand and the Maldives.
The company has plans to expand in the Mediterranean, coastal Asia-Pacific, and the Indian Ocean region over the next few years.
Central Plaza Hotel, the parent company of Centara Hotels & Resorts (CHR), operates 51 hotels across eight countries, with 41 establishments in Thailand. The group launched the Centara Grand Hotel in Osaka and Centara in Ubon Ratchathani last year and plans to open three more hotels this year.
Dusit International, with 56 hotels under its ownership and management, launched two hotels in Nepal and two hotels in Kyoto, Japan last year. The group aims to secure 10 new contracts annually, expanding its presence in Southeast Asia, Japan, and Europe.
Onyx Hospitality, which owns 44 hotels and serviced apartments in Asia, aims to reach 50 hotels by 2025 and increase this to 70 properties by 2028. The group’s strategy focuses on growth in Southeast Asia, particularly Thailand and Malaysia.
Lastly, Asset World Corp (AWC), one of the most aggressive hotel investors, had 22 hotels with 5,867 rooms as of the third quarter of 2023. AWC focuses primarily on the luxury market, targeting both business and leisure segments. Its top markets include China, the US, Singapore, and Japan. The company is developing five projects, comprising 1,120 rooms in collaboration with global brands such as Marriott and IHG in various locations.
In related news, Centara Hotels marked 2023 as a year of significant growth.
