Grand Asset expects its revenue this year to be close to its target, both from real estate and hotel businesses, with plans to reduce debt by 7,000 million baht through joint ventures in the hotel business currently under negotiation and the sale of some assets, with conclusions expected in the first quarter of 2024. For next year, the revenue target remains unchanged at 5,000 million baht.

Mr. Witthawat Wipakool, CEO of Grand Asset Hotels and Property Public Company Limited, revealed that for 2023, the company expects to generate revenue from its hotel business of 2,800 million baht, slightly below the target of 3,000 million baht. The hotel segment has shown significant recovery since the COVID-19 pandemic and is expected to return to normal conditions next year. The company has also upgraded its hotel restaurants to increase revenue from food and beverage services. In the real estate sector, the company has introduced new products in the “Hyde Heritage Thonglor” condominium project, launching a new three-bedroom layout, The Elite Collection, with a usable area of 136 square meters, designed to meet the needs of modern customers seeking spacious, elegant, and classic living spaces in the prime Thonglor area, which has limited availability and received positive feedback. Meanwhile, the “Amatara Residences Rayong” project has completed nine villas and is currently constructing an additional beach bar, delaying its launch to early next year to ensure all amenities are ready for residents. Nevertheless, the company expects to achieve revenue from the real estate sector close to its target.

In early 2024, the company will implement financial management policies aimed at generating cash flow and reducing debt by 7,000 million baht, primarily through joint ventures in the hotel business, which currently includes five locations, aiming for 5,000 million baht from these partnerships. Negotiations are ongoing with partners, mostly foreign investors. Additionally, there are plans to sell some assets in the real estate sector to generate approximately 2,000 million baht in revenue. The outcomes of the asset sales and hotel joint ventures are expected to be finalized in the first quarter of 2024.

For the 2024 plan, the company maintains its revenue target at 5,000 million baht, with 2,000 million baht from real estate and 3,000 million baht from hotels, which are expected to continue recovering from 2023, particularly hotels in Bangkok, which are experiencing growth from both increased average room rates and higher occupancy rates.