• The financial performance for the first 9 months of 2023 shows strong continuous growth, with total revenue and net profit reported at 15,122 million baht and 3,991 million baht respectively, driven by growth across all business segments.
  • The hotel business has shown robust growth across all segments, particularly in the MICE sector and hotels in Bangkok, with operational profit (Hotel EBITDA) in Q3 reaching 983 million baht, a 42% increase compared to the same period last year, and a remarkable 79% increase compared to the same period in 2019. This growth is attributed to a strategy that pushed the average revenue per available room (RevPAR) to 4,072 baht per room in the first 9 months, with a 16% growth in Q3 compared to the previous year.
  • The launch of ‘EA’ Rooftop at The Empire marks a new landmark for AWC’s Lifestyle Destination, generating top revenue for the company’s F&B business. As the year-end tourism season approaches, new projects in Bangkok are set to open, including “Okura Cruise” and in Pattaya, the opening of the hotel “Melia Pattaya Aquatique Destination.”
  • The growth strategy involves continuous development of new projects and enhancing the quality of operational assets. As of Q3, the company’s operational assets are valued at 148,934 million baht, representing a 79% growth from 2019 and an 11% increase from the same period last year, with a strong operational yield of 7.7%.

Na-Wallapa Traisorat, CEO and Managing Director of Asset World Corp Public Company Limited (AWC) announced that the Q3 2023 financial results show continued growth from the first half of the year, even outside the tourism season, with total revenue and net profit for 9 months at 15,122 million baht and 3,991 million baht respectively. This is due to the excellent performance of the hotel business, which has thrived across all segments, achieving an operational profit of 983 million baht in Q3, a 42% increase from the same period last year, and a 79% increase compared to 2019. The MICE hotels and hotels in Bangkok have implemented strategies to push the average revenue per available room (RevPAR) to 4,072 baht per room in the first 9 months, with a 16% growth in Q3 compared to the previous year. Additionally, the RGI Index of the hotels in the portfolio exceeds the market average at 105, with standout hotels such as Courtyard by Marriott Phuket Town at an RGI of 195, Bangkok Marriott The Surawongse at 174, and Le Meridien Bangkok at 149. Furthermore, the food and beverage revenue from the hotel and service business has grown by 13% compared to the same period last year, resulting from the integration of business strengths between the hotel and commercial sectors to enhance synergy value. The commercial business continues to grow well by adjusting the marketing strategies of shopping centers and office buildings to become AWC’s Lifestyle Destination, meeting trends and customer demands. The company is committed to increasing value and enhancing asset quality continuously, with operational assets valued at 148,934 million baht, a 79% growth from 2019 and an 11% increase from the same period last year, with a strong operational yield of 7.7%.

Introducing ‘EA’ Rooftop at The Empire, a new landmark for AWC’s Lifestyle Destination

AWC has created a global phenomenon by launching ‘EA’ Rooftop at The Empire, a new landmark that serves as a Lifestyle Destination, a special milestone in Bangkok for global tourists. Since its official opening in September, it has generated top revenue for the company’s F&B business by bringing together top cuisines to the largest and tallest rooftop lifestyle venue in the heart of Bangkok at “The Empire.” This includes “Nobu Bangkok,” the highest Nobu restaurant in the world by legendary chef Nobu Matsuhisa, and “EA CHEF’S TABLE,” offering a chef's table experience from three Michelin-star chefs with “Le Du Kaan,” the world’s first rooftop Thai restaurant by Chef Ton Thiti, contemporary Chinese restaurant “K by Vicky Cheng” by Chef Vicky Cheng, and classic contemporary Italian restaurant “Sartoria by Paulo Airaudo” by Chef Paulo Airaudo. Additionally, “EA Gallery” features a collection of top lifestyle restaurants, including the world’s highest % Arabica branch, the contemporary Eastern-style breakfast restaurant 手qraft (Craft), Onggi offering traditional Korean set meals, and the exclusive Invitation Only rooftop bar with retro international music, establishing itself as a premium lifestyle destination ready to support Thailand in becoming a sustainable global tourism destination.

AWC Continues to Drive Growth Alongside Sustainable Value Creation for Society and Communities

AWC remains committed to reducing environmental impacts under the Better Planet operational framework through a comprehensive Climate Strategy that focuses on reducing greenhouse gas emissions and enhancing sustainable energy efficiency. Over the past 9 months, AWC has installed high-efficiency chillers, improved cooling system efficiency, and implemented clean energy systems, such as solar panel installations in various projects, including Chiang Mai Marriott Hotel, Courtyard by Marriott Phuket Town, InterContinental Chiang Mai Mae Ping Hotel, Bangkok Marriott Marquis Queen’s Park, and Hua Hin Marriott Resort & Spa, to reduce carbon dioxide emissions and lower energy costs.

Additionally, AWC aims for stable growth while promoting sustainable value for society and communities. By the end of this year and next year, the company plans to open new quality projects in Bangkok and Pattaya that will play a significant role in driving business and strengthening the portfolio, highlighted by the opening of “Okura Cruise,” the world’s first luxury teppanyaki and kaiseki dining cruise by Okura, set to operate at the Asia Teak The Riverfront Destination, and “Melia Pattaya Aquatique Destination,” the new and first hotel under AWC in Pattaya, scheduled to open in December. This will be achieved through partnerships with global partners to bring world-class experiences to Thailand, with official announcements of partnership details to follow soon.

Moreover, AWC has initiated the “AWC Together for Hope and Support” project in collaboration with partners to establish a “Community Support Center” at InterContinental Chiang Mai Mae Ping Hotel to collectively address flooding issues, as well as to support, rehabilitate, and care for employees and citizens affected by the recent flooding in Chiang Mai. The company has also donated furniture and essential items from reConcept, a store selling quality furniture from AWC hotels, along with care packages and essentials from partners to communities around AWC projects in Chiang Mai affected by the flooding. This reflects AWC’s commitment to creating shared value with communities and society under the mission of “Creating a Better Future.” The AWC hotel group in Chiang Mai has resumed operations effectively, with occupancy rates (OCC Rate) post-situation exceeding 75-85% across all AWC hotels, higher than the same period last year. AWC believes that the collaboration of the public sector, private sector, and communities will help strengthen Chiang Mai and instill confidence in travelers during the upcoming tourism season at the end of this year, while continuing to grow sustainably together.