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Pan Pacific will be managing a serviced apartment, Thonglor Eight, which is being developed with a total of 142 units.

It will be the first time it has entered the residential business in Thailand, following its successful maiden venture in Singapore recently. The residence is set to open in the middle of 2009.

The hotel is planning to spend half of the budget to convert its 23rd floor, which is used as restaurant and lobby, into a restaurant and bar area. The rest of the budget will be used to renovate its 235 rooms.

The hotel is also set to add five more meeting rooms to the existing six to reach out to the corporate and meetings market. It plans to add six more guest rooms.

Hotel general manager Michal Zitek said the hotel was bracing for a big change since its opening 14 years ago. All operations are scheduled to be completed in 2009.

"The hotel aims to remain one of the top five-star hotels and also expects to become one of best dining restaurants in the city," said Zitek.

He said 60 per cent of guests were Japanese, 20 per cent from Singapore, Hong Kong and Malaysia and the rest from the West.

He expects business to be normal with a 74-per-cent average occupancy rate. The political turmoil in Thailand has damaged business slightly, but the hotel has had only a few cancellations, he said.

Zitek said the group was looking at key places to open new hotels. Phuket and the Eastern Sea Board are seen as potential additions to its properties.