The SET-listed hotel and mall developer Asset World Corp, controlled by the family of Thailand’s second-richest man, plans to double the value of its portfolio over the next five years on expectations that tourism growth and economic recovery will drive demand for accommodation and office space.
The company will increase the size of its operating assets such as hotels, office buildings and shopping malls to more than 300 billion baht ($8.9 billion) by end of 2029 from about 150 billion baht now, chief executive officer Wallapa Traisorat said on Thursday.
The expansion will come from new acquisitions as well as greenfield constructions, she said.
“Thailand’s tourism industry has a very bright outlook with a strong recovery from the pandemic,” Ms Wallapa told reporters. “We want to have better investment preparation for much better times in the years to come.”
The company plans to invest about 22 billion baht to expand its hotel and other businesses in 2025. On Thursday, it announced an investment of 8.7 billion baht in Le Concorde Hotel Co, which owns assets including a 45,792-square-metre office building and a 407-room hotel in Bangkok.
Asset World, part of the TCC Group controlled by billionaire Charoen Sirivadhanabhakdi, has benefited from a government push to lure more tourists. The government has waived visa requirements for almost 100 nationalities in a bid to make the country a tourism hub. Visa exemptions have been granted for visitors from several countries, including China, the largest source of visitors to Thailand.
Asset World’s fourth-quarter net profit jumped 37% from a year earlier to 1.86 billion baht as a surge in tourist arrivals boosted room bookings and rentals at most of its hotels. The Bangkok-based company has 22 hotels, nine shopping malls and four office buildings in its portfolio, according to its website.
Majority owner Charoen, Ms Wallapa’s father, has a net worth of $12.5 billion, according to the Bloomberg Billionaires Index.
