Central Plaza Hotel Plc (Centel) plans to invest 35 billion THB in hotel and food business over the next five years, aiming to double revenue to 40 billion THB by 2022.
The company has listed 20 new projects in the pipeline for hotels under both its own investment and through management deals. For food, Centel will focus on expansion beyond shopping malls, including online and delivery services.
The company attributes the aggressive expansion plan to a continued tourism boom that has lured a huge number of foreign visitors. Among its properties is the Centara Grand in Hua Hin. This year, refurbishment of two flagship hotels, Centara Grand Beach Resort Samui and Centara Grand in Hua Hin, is expected to use millions of baht.
“The two flagship properties will be operated under new luxury brands after renovation,” the company said. Centel also will renovate Centara Grand at Central World in the fourth quarter, with the work expected to conclude within 18- 24 months. Plans also call for renovating rooms and restaurants at Centara by Centara Government Complex Hotel and Convention Centre by the end of this year. Under the five-year plan, Centel aims to enter non-mall markets such as hospitals, office buildings, train stations and standalone stores. It will also develop a food delivery center to enhance online and delivery services.