Grande Asset Hotels and Property Public Company Limited forecasts 2023 revenue growth from both core businesses, targeting a total of 6 billion baht, with 3 billion baht from the hotel business and 3 billion baht from real estate. This year, it is expected to generate 2 billion baht from joint venture condominium projects, along with an investment of 100 million baht to upgrade the luxurious riverside restaurant and bar of the Royal Orchid Sheraton Hotel in anticipation of a tourism recovery.

Mr. Witthawat Wipakool, Director, Executive Director, and CEO of the Hotel and Real Estate Business at Grande Asset Hotels and Property Public Company Limited stated that this year, the business and economic activities in the country will recover after the widespread impact of the COVID-19 pandemic last year.

For the company, sales and revenue this year are expected to grow, particularly through operations aligned with growth plans, partnering with strong allies both domestically and internationally, leveraging strengths in real estate joint ventures with Sumitomo Forestry Co., Ltd. to develop the Hyde Heritage Thonglor, one of the best super-luxury condominiums in Thailand.


Mr. Witthawat Wipakool, Director, Executive Director, and CEO of the Hotel and Real Estate Business at Grande Asset Hotels and Property Public Company Limited

In 2023, the company expects total revenue of 6 billion baht, with 3 billion baht from the hotel business and 3 billion baht from real estate, marking growth from both core businesses and resulting in an All-Time High revenue, the highest since the company's inception.

Regarding the hotel business, which includes Hyatt Regency Bangkok Sukhumvit, The Westin Grande Sukhumvit, Royal Orchid Sheraton Hotels & Towers, Sheraton Hua Hin Resort & Spa, and Sheraton Hua Hin Pranburi Villas, it is anticipated that they will benefit from the global tourism recovery following the impacts of the COVID-19 pandemic since late 2019. This aligns with the Tourism Authority of Thailand's forecast that the number of tourists in 2023 will increase to 25 million, or 62% of 2019 levels.


Mr. Lothar Richard Pehr

The company’s hotel chain expects revenue to recover to levels comparable to 2019, driven by several key factors, such as the hotels' convenient locations that allow quick access to major tourist attractions and important offices, as well as proximity to the country's main convention center, making them popular among business travelers, tourists, and MICE attendees. Meanwhile, hotels in provincial areas are well-prepared to welcome all types of guests, especially Indian weddings, as the company’s hotels are already renowned in this regard, along with travelers from the Middle East who appreciate luxury and privacy, aligning with the villa-style hotels the company offers.

We have also utilized the past period to improve various aspects of the hotels in preparation for the tourism business recovery, such as upgrading the restaurants at the Royal Orchid Sheraton Hotel with two new venues:

  • Siam Yatch Club, a luxurious new restaurant and bar
  • Giorgio, an Italian restaurant


Ms. Amarin Naruha, Director and Executive Director

With a budget of 100 million baht, these will be among the most beautiful riverside restaurants, featuring an exquisite atmosphere and a backdrop with stunning views of the Chao Phraya River. Both new restaurants will play a significant role in increasing revenue for the hotel.

Key highlights in the hotel business include three areas:
1. Increasing revenue
2. Reducing costs
3. Enhancing community engagement

In the real estate business, the revenue target for this year is set at 3 billion baht, comprising:

Mr. Peerapol Nontasuthi, Executive Vice President of Corporate Image Communication, Sales, and Marketing

  • The Hyde Heritage Thonglor condominium project, in joint venture with Sumitomo Forestry, valued at 2 billion baht, is expected to attract both Thai and foreign buyers for residence and investment as the project nears completion.
  • The Hyde Sukhumvit 11 project, valued at 600 million baht.
  • The Amatara Residences Rayong project, valued at 400 million baht, in collaboration with the Amatara Wellness Resort, a holistic wellness brand, providing a healthy living experience with five-star pool villas set by the sea amidst nature, and environmentally friendly, emphasizing the project's location in the EEC (Eastern Economic Corridor), aiming to become a new world-class health-oriented residential destination in the future, with plans to start construction of additional communal areas in the form of a Beach Bar this year.