Veranda Resort Public Company Limited, or VRANDA, expects its revenue for Q4/2022 to rise compared to pre-COVID levels, driven by a surge in hotel and resort bookings in Bangkok, Chiang Mai, and Samui, resulting in a significant increase in average revenue per available room (RevPAR). The company is set to aggressively enter the market in 2023, responding to the remarkable recovery of Thailand's tourism industry, particularly with the influx of international tourists, especially from China, which is boosting continuous economic growth. The government's support measures, including the "We Travel Together" Phase 5 program starting this February, instill confidence in achieving stable revenue growth this year.

Mr. Veerawat Ongwasit, CEO of Veranda Resort Public Company Limited (VRANDA), a leader in the hotel, resort, and real estate development business, revealed that Thailand's tourism situation has been steadily recovering since Q3/2022, with international tourists returning to Thailand and government tourism stimulus measures leading to increased hotel bookings at So Bangkok in Bangkok, Veranda High Resort Chiang Mai – MGallery, and Veranda Collection Samui. As a result, in Q4/2022, VRANDA's revenue grew significantly compared to the previous quarter, with RevPAR returning to high levels compared to the same period before the COVID-19 outbreak (Q4/2019).

Looking ahead, the overall tourism situation in Thailand for 2023 is expected to recover remarkably, as Thailand remains a key destination for tourists worldwide, particularly from China. Following the Chinese government's reopening, there are positive signs with Chinese tourists returning to Thailand sooner than anticipated. Additionally, the government is enhancing domestic tourism stimulus measures, including the "We Travel Together" Phase 5 program, which will run from February to September, offering 560,000 rights aimed at continuously boosting tourism revenue. This is expected to invigorate both Thai and international tourists after three years of the COVID-19 pandemic, which significantly impacted the economy, tourism, and various hotel and service businesses in Thailand.

For its business plan in 2023, Veranda Resort is implementing a robust marketing strategy, including launching marketing campaigns and leveraging technology to enhance services across all six tourist cities under its hotel and resort chain: Veranda Resort and Villa Hua Hin Cha-Am, Veranda High Resort Chiang Mai, Veranda Resort Pattaya Na Jomtien, So Bangkok Sathorn, Veranda Collection Hua Hin, and Veranda Collection Samui, along with real estate development businesses that are Branded Residences adjacent to the resorts. There are three additional projects under development in Cha-Am-Hua Hin, which will start generating revenue from Q4/2023, and a new project in Phuket expected to generate revenue in Q4/2024.

“We are confident that 2023 will be a year of remarkable growth for the hotel and resort business, with a marketing strategy focused on attracting both international and Thai tourists, particularly Chinese tourists, who are a significant market and are beginning to travel more. This will drive our performance in Q1/2023 to grow fully. We anticipate an increase in booking rates from international tourists in 2023, along with the 'We Travel Together' Phase 5 program that will stimulate domestic tourism, benefiting the Veranda customer base significantly, as it is popular among Thai tourists. This will lead to a noticeable improvement in occupancy rates during the previous phases 1-4, driving overall annual performance growth towards our targets,” Mr. Veerawat stated.