Asset World Corporation allots B40bn for 13-hotel scheme

Asset World Corporation allots B40bn for 13-hotel scheme Fund of B10bn to finance development Mrs Wallapa and Mr Vanden Auweele describe the developer’s plans for hotels in four segments. Asset World Corporation (AWC), a property developer owned by Charoen Sirivadhanabhakdi’s TCC Group, has set aside a budget of 40 billion baht to develop 13 hotels in three years. The company also earmarked an annual fund of 10 billion baht to finance development of new properties, said Wallapa Traisorat, chief executive and president of AWC. The 13 properties fall into four main categories — hotels for Mice (meetings, incentives, conventions and exhibitions), city hotels, luxury hotels and leisure, said Mrs Wallapa. Among them, two properties are designated as hotels for Mice. They include Asiatique The Riverfront, with 800 rooms, and planned lodging in Pattaya. The company plans to combine two hotel brands in Pattaya, with a combined 1,298 rooms, and rename them under one brand that has not yet been disclosed. Both of the Mice hotels are mixed-use properties that feature malls and tourist attractions. Business travellers are one of the most important segments and are considered premium guests, contributing 52% of the company’s revenue last year. This segment is followed by leisure (20.5%), city hotels (16.5%) and luxury hotels (11%). By 2025, AWC plans to have a total of 27 hotels with 8,506 rooms, of which some 4,400 will be Mice hotels. She said the company also plans to expand Mice business into other provinces such as Chiang Mai. Stephan… [Read full story]