CP Land plans to open nine new hotels

Real Estate December 24, 2016 01:00

By SUCHAT SRITAMA
THE NATION

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MOST OF THE PROPERTIES WILL BE IN THE BUDGET SEGMENT UPCOUNTRY



  CP LAND, the property arm of Charoen Pokphand Group, plans to open nine new hotels over the next three years. 

They will be in Rayong, Buri Ram, Loei, Nakhon Ratchasima (in Korat city and the Khao Yai area of Pak Chong district), Nakhon Si Thammarat, and other provinces. 

The approximate budget for the new developments is expected to be more than Bt2.2 billion.

Naravadee Waravanitcha, executive vice president for investment and hotel management, said the new developments would mainly be in the budget segment, with approximate investment of Bt120 million per hotel or Bt1.2 billion in total. Another Bt1 billion will be invested in an upscale hotel in Nakhon Si Thammarat, which will open in 2061.

“We will focus on the budget segment in order to meet the demand from tourism. Each budget hotel will consist of 79 rooms and the room rate will be Bt790 per night,” she said.

Currently, CP Land operates five hotels in three categories; city hotels in Bangkok and Nakhon Ratchasima (Fortune Rajpruek Korat Hotel is scheduled to open next month); resorts in Chiang Rai and two in Nakhon Phanom; and a budget hotel in Mae Sot, Tak province.

She said the company planned eventually to have hotels in every province.

The tourism industry is speculated to continue growing despite facing many negative factors.

The average occupancy rate in CP Land’s hotels is expected to be 60 per cent this month, similar to December last year.

Besides domestic expansion, the company is also eyeing investment abroad, aiming for Myanmar, Vietnam and Indonesia.