News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Thailand's AWC targets luxury, long stays in tourism recovery

11/22/2021 | 07:51am EDT
Wallapa Traisorat, CEO of Asset World Corp Pcl speaks during an interview with Reuters at a hotel in Bangkok

BANGKOK (Reuters) - Thailand's Asset World Corporation Pcl (AWC) said on Monday it expects luxury travel to be one of the first sectors to recover as the country's tourism sector revives, confirming plans to double its number of hotel rooms to 10,000 by 2026.

AWC would also continue its five-year investment plan of 100 billion baht ($3.04 billion), Chief Executive Wallapa Traisorat said in an interview, while noting some smaller projects had been pushed back.

Wallapa announced on Monday plans for a 3.4 billion baht "wellness resort" in Bangkok covering 1.28 hectares (3.16 acres) of riverfront, including hotels, branded residences and spas.

In November, AWC opened its 19th property in time to receive arrivals under Thailand's reopening plan for vaccinated tourists.

Foreign arrivals in the past two years to Thailand plummeted to a fraction of the nearly 40 million visitors in 2019, with tourism losing $50 billion in annual revenue, an 82% plunge.

The government expects 200,000 arrivals this year and five million in 2022.

"40 million is large base with many segments ... we're targeting the luxury segment," Wallapa said.

"Tourist behaviour is changing - there are longer stays with a focus on well-being ... not only bringing back good memories but also feeling refreshed and healthy."

In April last year, occupancy slumped to 1%, though it has recovered to 20% thanks to domestic demand, she said.

The company has a strategy of securing prime locations and then partnering with brands for management.

AWC is owned by tycoon Charoen Sirivadhanabhakdi of Thai Beverage Pcl, one of Southeast Asia's biggest drinks makers.

His daughter, Wallapa, oversaw the family's real estate interests and reorganised the portfolio before listing AWC in an IPO in 2019.

($1 = 32.8900 baht)

(Reporting by Chayut Setboonsarng; Editing by Ed Davies)

By Chayut Setboonsarng

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ASSET WORLD CORP PUBLIC COMPANY LIMITED -2.45% 4.78 End-of-day quote.3.02%
BERLI JUCKER PUBLIC COMPANY LIMITED -2.00% 36.75 End-of-day quote.18.55%
FRASER AND NEAVE, LIMITED 0.74% 1.37 Delayed Quote.-3.55%
FRASERS PROPERTY LIMITED 0.91% 1.11 Delayed Quote.-3.51%
THAI BEVERAGE 0.71% 0.71 Delayed Quote.6.82%
TYCOON GROUP HOLDINGS LIMITED -2.36% 1.24 Delayed Quote.-5.22%
Latest news "Economy & Forex"
08:23aSingapore's Zilingo fires CEO Ankiti Bose
08:10aBRICS-led New Development bank to set up regional office in India
08:07aGermany could receive LNG from Qatar as early as 2024, sheikh tells Handelsblatt
08:05aIndonesia to reimpose local palm oil sales rule as it ends export ban
08:03aFTSE 100 Seen Tracking Asia Rebound
07:59aGRUNT, HOO, PANT, SCREAM : Chimps use complex vocal communication
07:59aGerman producer prices hit new record rise as energy costs soar
07:58aREFILE-MORNING BID-Batten down the hatches
07:53aZilingo Says Decided To Terminate CEO Ankiti Bose's Employment With Cause
07:53aZilingo-termination follows investigation led by independent for…
Latest news "Economy & Forex"