Thailand's AWC targets luxury, long stays in tourism recovery

Thai Beverage Public

22/11/2021 12:48

By Chayut Setboonsarng
    BANGKOK, Nov 22 (Reuters) - Thailand's Asset World
Corporation Pcl (AWC)  AWC.BK  said on Monday it expects luxury
travel to be one of the first sectors to recover as the
country's tourism sector revives, confirming plans to double its
number of hotel rooms to 10,000 by 2026. 
    AWC would also continue its five-year investment plan of 100
billion baht ($3.04 billion), Chief Executive Wallapa Traisorat
said in an interview, while noting some smaller projects had
been pushed back. 
    Wallapa announced on Monday plans for a 3.4 billion baht
"wellness resort" in Bangkok covering 1.28 hectares (3.16 acres)
of riverfront, including hotels, branded residences and spas. 
    In November, AWC opened its 19th property in time to receive
arrivals under Thailand’s reopening plan https://www.reuters.com/business/aerospace-defense/bangkok-welcomes-first-tourists-quarantine-free-holiday-2021-11-01
 for vaccinated tourists. 
    Foreign arrivals in the past two years to Thailand plummeted
to a fraction of the nearly 40 million visitors in 2019, with
tourism losing $50 billion in annual revenue, an 82% plunge.
    The government expects https://www.reuters.com/markets/rates-bonds/thai-economy-seen-growing-35-45-next-year-recovery-fragile-finmin-2021-11-20
 200,000 arrivals this year and five million in 2022. 
    "40 million is large base with many segments ... we're
targeting the luxury segment," Wallapa said.
    "Tourist behaviour is changing - there are longer stays with
a focus on well-being ... not only bringing back good memories
but also feeling refreshed and healthy."
    In April last year, occupancy slumped to 1%, though it has
recovered to 20% thanks to domestic demand, she said.
    The company has a strategy of securing prime locations and
then partnering with brands for management.
    AWC is owned by tycoon Charoen Sirivadhanabhakdi of Thai
Beverage Pcl  TBEV.SI , one of Southeast Asia’s biggest drinks
makers. 
    His daughter, Wallapa, oversaw the family’s real estate
interests and reorganised the portfolio before listing AWC in an
IPO in 2019.    
($1 = 32.8900 baht)

 (Reporting by Chayut Setboonsarng
Editing by Ed Davies)
 ((chayut.setboonsarng@tr.com, Twitter: @ChayutSet;
+66854849033;))