Origin is expanding its business line by collaborating with the InterContinental Hotels Group (IHG) to develop 3 hotels in the heart of Thonglor and Sriracha, with an asset value of 7.5 billion baht, targeting the Japanese market and capitalizing on the Eastern Economic Corridor (EEC) investment. The new Staybridge Suites brand will debut in Asia-Pacific with the opening of Staybridge Suites Bangkok Thonglor.

Mr. Pirapong Jaroonaek, CEO of Origin Property Public Company Limited (ORI), a developer of condominium projects under the Kensington, Notting Hill, Knightbridge, and Park brands, stated that in addition to residential development, the company aims to be a comprehensive real estate developer covering hotel businesses, serviced apartments, rental offices, and community malls. For the hotel business, the company will pilot the development of 3 hotels with an asset value of approximately 7.5 billion baht. Recently, it signed a contract to bring in the brand and chain of IHG to manage all 3 hotels.

“IHG is one of the leading hotel chains in the world, recognized for its international hotel management standards and a variety of quality hotel brands worldwide. Therefore, for our first 3 hotels, we chose to bring in 2 brands from IHG to manage them, and we are very pleased to work with IHG from now on,” said Mr. Pirapong.

All 3 hotels include: 1. Staybridge Suites Bangkok Thonglor, 2. Staybridge Suites Chonburi Siracha, and 3. Holiday Inn and Suites Siracha Laemchabang. They will gradually open for service by the end of 2021, with the introduction of the Staybridge Suites brand being the first time it has been used in Asia-Pacific.

For the development of Staybridge Suites Bangkok Thonglor, the company has partnered with Nomura Real Estate Development, a key partner of Origin in residential development, to ensure the project and services meet the needs of the target group effectively. Recently, a joint venture was established with a 51-49 ratio.

Mr. Rajit Sukhumaran, Chief Development Officer for the Asia, Middle East, and Africa region at IHG, stated that Staybridge Suites is a hotel brand that has been operating over 250 locations worldwide, decorated with a warm and comfortable atmosphere, equipped with complete amenities such as a full kitchen, private work zones, and entertainment areas, suitable for guests looking for long-term stays, such as expatriates or business travelers.

“We are very pleased to collaborate with Origin Property Public Company Limited again to expand our business by introducing new hotel brands to the region. With the increasing demand for long-term accommodations in Bangkok and Sriracha, this presents a great opportunity for Staybridge Suites, and we see potential for increasing the number of Staybridge Suites in Asia-Pacific in the future, which is exciting,” Mr. Rajit said.

Mr. Toshihide Tsukasaki, Executive Officer of the Residential Leasing Business Group, Hotel Management, and Logistics Real Estate at Nomura Real Estate Development, mentioned that Nomura has been a comprehensive real estate developer in Japan, but this marks a significant step in deciding to invest in the hotel business abroad. The key reason for this investment decision is confidence in the strong partnership with Origin Property in the Thai real estate market, confidence in the quality brand of IHG, and confidence in the potential of Thonglor, which is a business area with a high demand for foreign residents.

“We are confident that we can leverage our know-how and expertise to develop Staybridge Suites Bangkok Thonglor to meet the needs of users, especially Japanese guests, providing them with convenient and impressive service,” Mr. Toshihide stated.

This investment is part of Nomura's medium to long-term growth plan from the fiscal year 2016-2024 (ending March 2025) with an investment budget of 300 billion yen (approximately 90.6 billion baht) for overseas investments.

Ms. Jatuporn Phiwkhao, Managing Director of Origin One Company Limited, a business development company under Origin Property, stated that according to data from the Bureau of Foreign Labor Administration, the largest group of foreigners working in Thailand is Japanese, accounting for approximately 24%. Additionally, data from 2012-2016 shows that the number of expatriates working in Bangkok has increased by an average of 16% per year. Thonglor is a significant area with a large number of foreigners working and residing, and we are confident that developing hotels in Thonglor will meet the accommodation needs, especially for the increasing number of foreigners in this area.

As for Sriracha, it is another area with potential due to government policies for developing the Eastern Economic Corridor (EEC), with significant infrastructure investments and various incentives to attract foreign investment. As more foreigners invest, both short-term and long-term businesses in the area will also increase. Therefore, the company is confident in developing 2 hotels in Sriracha, choosing locations close to leisure and other amenities.

Staybridge Suites Bangkok Thonglor will feature 303 rooms, with a total building area of 25,500 square meters and an asset value of 2.5 billion baht, located on Sukhumvit Soi 55, approximately 10 minutes from Thonglor BTS station, expected to open in Q4 2019. Meanwhile, Staybridge Suites Chonburi Siracha will have 400 rooms, with a total building area of 37,200 square meters and an asset value of 2.8 billion baht, located on Sukhumvit Road opposite the Sriracha IT Center, expected to open in Q4 2020. The Holiday Inn and Suites Siracha Laemchabang will feature 347 rooms, with a total building area of 30,500 square meters and an asset value of 2.2 billion baht, located in the Origin District project, expected to open in Q1 2020.

IHG operates over 5,300 hotels with 785,000 rooms in more than 100 countries worldwide. Currently, it manages 22 hotels in Thailand under 5 brands, with 14 more hotels in the pipeline. The Staybridge Suites brand will be the 6th in Thailand.

Origin Property Public Company Limited has a diverse business structure, including 1. Project Development Business, 2. Recurring Income Business such as hotels, serviced apartments, rental offices, retail, and 3. Service Business such as property management, real estate brokerage, and consulting services, with a vision to continuously expand into new business areas to become a comprehensive real estate operator.

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