Onyx Hospitality Group sees an opportunity as COVID-19 eases, with foreigners relocating and tourism in Thailand beginning to recover. They are pushing the 'Shama' brand into the service apartment sector, aiming to become a leader. The plan is to expand from the current 6 locations to 15 in Thailand by 2025, while also welcoming partners, highlighting the potential of service apartments as a lucrative market for investors.

Mr. Yuttachai Jaranachit, CEO of Onyx Hospitality Group stated that following the easing of the COVID-19 situation, the overall service apartment business is showing a continuous recovery trend, with growth expected to remain at no less than 20%. Currently, the average occupancy rate in Thailand is over 50%, especially among the upper market segment of business travelers coming to work and stay in Thailand, for whom service apartments are an excellent fit.

Onyx Hospitality acquired the service apartment business under the 'Shama' brand from a Hong Kong company in 2010 and has been continuously expanding both in Thailand and several other countries. Currently, Shama operates 6 locations in Thailand: 1. Shama Sukhumvit Bangkok 2. Shama Lakeview Asoke Bangkok 3. Shama Sukhumvit 39 Bangkok 4. Shama Yen Akat Bangkok 5. Shama Phetchaburi 47 Bangkok and 6. Shama Ekamai Bangkok, along with another 10 locations in Hong Kong and China.

They see opportunities for business expansion in Thailand to cater to foreign business travelers seeking long-term stays, as well as both international and Thai tourists looking for short stays of 5-14 days. The service apartment business has the advantage of relatively low management costs, resulting in a Gross Operating Profit of 60-70%.

In Thailand, there are still few brands, and many locations in Bangkok have interesting potential for service apartments, such as Ari, Phra Khanong, Ekamai, On Nut, and Rama 3. Therefore, there are plans to open an additional 9 branches in Thailand, increasing from the current 6 to 15 by 2025, with plans to expand partnerships with interested investors looking to enhance and increase the value of properties to generate higher income, capitalizing on the recovering business opportunities. Currently, 'Shama' is managed in three formats:

1. Onyx Hospitality fully invests.

2. Onyx Hospitality co-manages with those looking to invest in the service apartment market (new builds).

3. Onyx Hospitality co-manages with existing service apartment owners looking to rebrand or enhance their business value.

Nonetheless, Onyx Hospitality is open to partners and investors interested in the service apartment business under the 'Shama' brand, offering consultation at every step, from design, construction, and decoration to service management, marketing planning, staff training, and connecting marketing efforts with the business network within the same group.