“Grand Asset” has reported positive business signals since the first quarter, with the hotel sector recovering rapidly, generating revenues that exceed the same period last year by 321%. The average room rate in Bangkok has increased by over 50%, and the return of Chinese tourists has been a significant positive factor. Meanwhile, in the real estate sector, the company is preparing to sell the “Hyde Sukhumvit 11” condominium in a big lot worth 600 million baht, which will allow the project to close this year. Additionally, the joint venture condominium “Hyde Heritage Thonglor” has already recorded 900 million baht in sales awaiting transfer, with expectations to achieve a revenue target of 2 billion baht.

Mr. Witthawat Wipakool, CEO of Grand Asset Hotels and Property Public Company Limited, revealed that the overall business outlook for the company in the first quarter shows positive signs for both the hotel and real estate sectors. The hotel business improved rapidly in the first quarter, generating revenues that exceeded expectations, with operational profits and reduced losses compared to the same period last year. In the real estate sector, there has been a clear return of foreign investors.

“The overall hotel business in the first quarter of 2023 generated revenues that were 321% higher than the same period in 2022, primarily due to the return to normalcy following the pandemic and the significant return of the Chinese tourist market, which is crucial for the recovery of the tourism business. This is especially true for our three hotels in Bangkok, which not only cater to tourists but also to business travelers, resulting in a rapid increase in occupancy rates. The average occupancy rate in the past first quarter was 72%, and the average room rate increased by over 50% compared to the same period last year. In March, we officially launched the Siam Yacht Club, a riverside restaurant and hangout at the Royal Orchid Sheraton Hotel, covering over 600 square meters, featuring an outdoor seating area for 150 guests, an air-conditioned indoor area for 50 guests, and a VIP room “Captain Bush” for 12 guests. The unique atmosphere, with views of both sides of the river and being one of the best spots for fireworks viewing in Bangkok, along with signature menus and the lively atmosphere of a live band, will significantly contribute to the hotel’s revenue moving forward.”

In the real estate sector, the first quarter showed rapid improvement, with a revenue target of 3 billion baht set for this year from three projects: Hyde Heritage Thonglor, a joint venture with “Sumitomo Forestry”, Hyde Sukhumvit 11, and Amatara Residences Rayong. The Hyde Heritage Thonglor condominium project has seen a return of foreign investors in the first quarter, in addition to Thai customers purchasing for residence. Currently, there is a backlog of 900 million baht in sales awaiting transfer, with expectations to achieve the revenue target of 2 billion baht. Meanwhile, the Hyde Sukhumvit 11 project is currently in negotiations for a big lot sale worth 600 million baht to foreign investors looking to purchase for investment, which will allow for the project to close sales within this year, marking a clear rebound signal for the real estate business.

Grand Asset aims for total revenue of 6 billion baht in 2023, with 3 billion baht from the hotel business and 3 billion baht from real estate, representing growth from both core businesses, which will result in record-high revenues since the company’s inception (All-Time High).