IMPACT invests 5 billion baht to expand MICE hub
IMPACT Exhibition Management Co Ltd is making a bold move to dominate Thailand’s meetings, incentives, conferences and exhibitions tourism (MICE) industry, investing 5 billion baht in two new hotels to transform Mueang Thong Thani into a world-class event and entertainment hub.
The investment, part of a long-term expansion strategy, will position IMPACT as a key player in the government’s proposed 100-billion-baht entertainment complex mega-project. However, CEO Paul Kanjanapas revealed that due to uncertainty over government policies, the company is prioritising hotel development instead.
“The timeline for the entertainment complex project remains uncertain. IMPACT is not waiting and has expanded Mueang Thong Thani to accommodate more MICE tourists.”
The new investment will add 1,000 rooms this year, including a five-star hotel with 300 plus rooms and a four-star hotel with 600 plus rooms.
IMPACT aims to expand its total hotel capacity to 5,000 rooms by 2035, addressing the long-standing issue of limited accommodation for major events.
Currently, the company operates Novotel (380 rooms) and Ibis (550 rooms), both running at 50 to 60% occupancy. To fund the expansion, IMPACT plans to sell these properties to the trust for 2 to 2.5 billion baht.
IMPACT expects 25% revenue growth for the IMPACT Growth REIT in fiscal 2024, driven by booming MICE events and concerts. The IMPACT Arena has already recorded 20% year-on-year growth, with full bookings exceeding pre-pandemic levels.
Looking ahead, IMPACT is set to become Asia’s premier MICE tourism destination, enhanced by two new Pink Line electric train stations opening in May.
With nearly 10 million visitors last year, the company is targeting the Chinese and Indian markets to further cement its global presence, reported The Nation.
In similar news, Thailand is gearing up to enhance its events infrastructure, aiming to become a top destination for international sports and entertainment.
Tourism and Sports Minister Sorawong Thienthong proposed a bold plan to transform Bangkok’s National Stadium into a modern, multi-purpose venue capable of hosting global sports competitions and major concerts.
Sorawong is working to mediate between Chulalongkorn University, the stadium’s owner, and private investors to redevelop the National Stadium and the ageing Nimibutr Sports Building.
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