“Grand Asset” reveals that the hotel business is showing clear signs of recovery, with occupancy rates soaring in both Bangkok and other provinces. Restaurants, catering, and international tour groups are bustling. It is projected that hotel revenue this year will grow by up to 207% . In the real estate sector, this July, the company is set to transfer ownership of the joint venture condominium “Hyde Heritage Thonglor,” with a backlog of 2.5 billion baht in sales, and is moving forward to launch a new project, a beachfront villa at Laem Mae Phim, under the concept of wellness residence.

Mr. Witthawat Wipakool, Chief Executive Officer of Grand Asset Hotels and Property Public Company Limited stated that the overall hotel business of the company is clearly recovering as the COVID-19 outbreak continues to decline. Importantly, the policy of reopening the country has resulted in the number of tourists entering Thailand in the first five months of the year reaching 1,336,068, compared to just 34,753 during the same period in 2021. In May, when the government began to ease travel restrictions, 532,177 foreign tourists entered the country, signaling a positive trend for the recovery of the tourism and hotel sectors.

“The company’s hotel business has improved significantly. It is projected that hotel revenue in 2022 will grow by 207% compared to the previous year, with occupancy rates expected to jump to around 60%, compared to 15.7% last year. The company’s three hotels in Bangkok, located in strategic areas for tourists and business travelers, have seen rapid increases in occupancy rates, averaging 45% in the first five months of this year. Additionally, the restaurant, conference, seminar, wedding, and catering services, as well as group tour foreign tourists, have also returned to life. Meanwhile, hotels in provinces like Hua Hin and Pranburi continue to be popular among Thai travelers, with an average occupancy rate of 53% in the first five months of the year. In the second half of the year, we are confident that occupancy will increase further, driven by both Thai and foreign tourists.”

This year, Grand Asset aims for a significant revenue growth target of 5.6 billion baht, with 1.8 billion baht from the hotel business, 1 billion baht from real estate, and 2.8 billion baht from joint ventures. In July, the company will begin transferring ownership of “Hyde Heritage Thonglor,” a condominium project in collaboration with Sumitomo Forestry from Japan, which has a backlog of approximately 2.5 billion baht in sales. Following the reopening of the country, sales are expected to increase from foreign customers returning to the market.

Additionally, in the third quarter, the company will launch a new project “Amatara Residence Rayong” on Laem Mae Phim in Rayong province, covering 37 rai with a project value of 2.656 billion baht. It will feature luxury villas on a hillside, each with a private pool, totaling 61 units, starting at 33 million baht. This project is under the wellness residence concept, catering to customers who prioritize relaxation for both body and mind. There has been a clear increase in demand for vacation villas, as more Thais are purchasing second homes in tourist destinations. Coupled with the impact of the Eastern Economic Corridor (EEC) development project, which encourages businesses to expand, this region shows promising growth potential. In the rubber glove manufacturing and distribution business, the construction of one factory has been completed, with eight production lines expected to be fully operational by the end of this year.