Grand Asset Public Company Limited has revealed that during the 9-month period, the recovery of tourism has led to a remarkable 307% increase in hotel revenue. The company is confident that this positive trend will continue, projecting a total revenue growth of 248% for the entire year. Additionally, they are renovating the riverside restaurant at the Royal Orchid Sheraton Hotel into a fine dining establishment and a luxurious riverside bar. In the real estate sector, everything is proceeding according to plan, with the official launch of the joint venture condominium "Hyde Heritage Thonglor," which has already achieved approximately 50% sales. By the end of the year, total sales are expected to reach 3.5 billion baht, alongside the launch of a new project, "Amatara Residences Rayong," featuring the first 9 completed pool villas.

Mr. Witthawat Wipakool, CEO of Grand Asset Hotels and Properties Public Company Limited, disclosed the company's performance over the past three quarters, stating that the recovery of the tourism sector, combined with government stimulus measures, has resulted in a 307% increase in hotel revenue over the same period last year. This growth has attracted both domestic and international customers, whether for business or leisure travel. Notably, key tourist markets in the third quarter, such as the Middle East and India, contributed to a 20% share of occupancy rates. Furthermore, business travelers and MICE groups from the USA, Japan, South Korea, and Singapore have also increased. The company is confident that this trend will continue, especially for hotels in Bangkok, where occupancy rates are expected to grow by 306% compared to last year, with an overall revenue growth forecast of 248% for 2022.

"To accommodate the recovery of the tourism market, the company is currently renovating the riverside restaurant at the Royal Orchid Sheraton Hotel, completely transforming both the indoor area into a fine dining restaurant and the outdoor area into a luxurious riverside bar with beautiful views of Icon Siam. The spa area is also being upgraded, and the new restaurant is set to open in November. Additionally, we are collaborating with Icon Siam, located across the river from the hotel, to provide ferry services for our guests."

In the real estate sector, everything is proceeding as planned, with the official launch of "Hyde Heritage Thonglor," a condominium developed in partnership with Sumitomo Forestry from Japan, which has been completed as of Q3 2022. The project has achieved approximately 50% sales, and in Q4, it is expected to generate additional sales, totaling 3.5 billion baht. The company has also launched a new project, "Amatara Residences Rayong," in collaboration with "Amatara Wellness Resort," a leading resort and wellness service provider in Thailand. This new luxury residential project in Rayong promotes an environmentally friendly and holistic wellness concept, comprising 61 pool villas, 282 condominium units, and a five-star resort with 209 rooms. The first 9 completed pool villas feature a contemporary Thai design that harmoniously blends traditional architecture with modern interior decor and amenities that emphasize a connection with nature.

Additionally, Grand Asset Hotels and Properties Public Company Limited (GRAND) has canceled the issuance and offering of the remaining 800 million baht convertible bonds. The company had previously resolved to issue and offer convertible bonds worth up to 1 billion baht to specific investors, namely the AO Fund. The company had already issued and offered 200 million baht in convertible bonds, which were fully converted into common shares in June 2022. As the hotel and tourism businesses in the country begin to recover, the company has decided to cancel the remaining 800 million baht in convertible bonds.

Meanwhile, Royal Orchid Hotel (Thailand) Public Company Limited (ROH) has also canceled the issuance and offering of the remaining new common shares for private placement. ROH had resolved to issue and offer up to 180 million new common shares at a par value of 1 baht to specific investors, namely the AO Fund. ROH had already issued and offered 1,417,233 common shares to the AO Fund at a price of 3.528 baht per share. As the hotel and tourism businesses in the country begin to recover, ROH has also decided to cancel the remaining issuance and offering of 178,582,767 common shares at a par value of 1 baht.


"Hyde Heritage Thonglor" has been completed and officially launched, achieving approximately 50% sales.

"Royal Orchid Sheraton Hotel" is renovating its riverside restaurant into a fine dining establishment and a luxurious riverside bar, offering stunning views of Icon Siam.