Hospitality / AWC

Editorial staff

SET-listed Asset World Corp Plc (AWC) increases its five-year investment budget by 26% to 126 billion baht to expand its business for sustainable growth in long term.

Wallapa Traisorat, chief executive officer and president of AWC, said that the company plans to strengthen its portfolio with over 18 projects spanning across all business units. The hospitality business unit will feature notable projects such as the Fairmont Bangkok Sukhumvit Hotel, Pattaya Marriott Resort & Spa Hotel and the Luxury Lifestyle Hotel in Pattaya.

Wallapa Traisorat

The launch of "The Journey of A River" by The Okura Prestige Bangkok is set to provide a distinctive dining experience on a luxury cruise along the Chao Praya River.

The commercial business unit will unveil key projects, including the EA Rooftop at The Empire, positioned as one of the world's largest rooftop F&B destinations. This project encompasses EA Gallery, showcasing leading international-cuisine eateries with breathtaking views of Bangkok, EA CHEF'S TABLE, featuring three restaurants by Michelin-starred chefs, and Nobu Bangkok, not only Thailand's first Nobu outlet but also the world's largest and highest Nobu restaurant.

The Pantip Lifestyle Hub, launching with fresh renovation on February 28th under the theme "Every Happiness For Everyone," aims to become a landmark for diverse entertainment activities and a food lounge center surrounded by a natural atmosphere. This will serve as a lifestyle destination for families, part of the Lannatique Destination in Chiang Mai.

Pattaya Marriott Resort Spa at Jomtien Beach

Currently, AWC is strategically advancing in alignment with the growth-led strategy, aiming for continued expansion. In 2024, three significant projects have gained approval from the board of directors and are ready to be presented for shareholder approval for investment. These projects involve high-quality properties in prime locations within two renowned tourist destinations - Bangkok and Chiang Mai. The projects include the development of O.P. Garden in Bangrak, connecting with the Plaza Athénée Nobu Hotel & Spa Bangkok enhancing tourism destination along the Chao Praya River, targeted to open in the fourth quarter of 2027.

Another notable project is situated in the vibrant Sukhumvit 38 Road area, a trendy lifestyle hub in Bangkok, focusing on a wellness-themed hotel, targeted to operate in the third quarter of 2028.

There are further investments in Chiang Mai's Chang Klan area, contributing to the "Lannatique Destination" mega project. This initiative aims to enhance value and bolster Chiang Mai's reputation as a global sustainable tourism destination.

When combined with ongoing projects scheduled for operation this year, the total investment value is estimated to exceed 36 billion baht. This includes the launch of 18 new operating projects valued at over 19 billion baht and investment projects in the approval process, seeking an additional 17 billion baht to support the growth-led strategy.

With a robust debt capacity, AWC can execute further investments without the necessity of raising additional capital from shareholders. The strategic investments aim to double the value of its asset portfolio within five years.

Currently, there are 70 projects waiting for developing in long term. The long-term flagship projects in the pipeline are the Weng Chinatown destination project, the Aquatique destination project, the Asiatique district project, and the Lannatique destination project.

Pattaya Marriott Resort Spa at Jomtien Beach

She said that in 2023, AWC generated asset value growth exceeding 20 billion baht, comprising approximately 6 billion baht from new operating assets and over 14 billion baht from approved investment projects. There are nine new operating assets, consisting of three hotels and six restaurants contributing to AWC’s cash flow and profitability, enhancing profit potential through sustainable operations and approved investments, including the investment in Hotel Plaza Athénée New York.

The total property portfolio's value stands at 146.79 billion baht, a 52% increase compared to the pre-Covid-19 situation in 2019. Operating assets amounted to 108.2 billion baht.

In 2023, AWC celebrated a remarkable year with robust growth across all business units. The company’s Bangkok-based hotels, outside Bangkok hotels, and luxury resorts all performed exceptionally well, benefitting from the increase in international arrivals in Thailand, particularly in the high-to-luxury segment of Free Individual Travelers (FITs). As a result, AWC's hotels achieved new highs for RevPAR and ADR, with the occupancy rate reaching 64.6%.

As of the end of 2023, AWC boasted 22 hotels with 6,029 rooms and a diverse restaurant outlet located within hotels and various popular travel destinations across Thailand.