Investments to the tune of Bt74.2 billion will be made by TCC Land Asset World Co to develop new hotels in Thailand by 2022, according to company CEO Soammapat Traisorat.
The massive investment is expected to lift the company’s hospitality income to 60 per cent of its overall revenue, he said, adding that the remaining revenue will be realized from retail and office space.
Stating that TCC Land had evolved plans to make an aggressive investment in the field of hospitality, envisaging Thailand to become a vital regional travel hub, he said, however, there were no plans to go in for expansion in the residential market.
Four new hotels, whose affairs will be looked after by Marriott International Group, will be developed at a total cost of about Bt14 billion, deputy CEO Wallapa Traisorat said. Three of those will are scheduled to launch this year and are the Hua Hun Marriott Resort & Spa, which opened this week, Phuket Marriott Resort and Spa opening on April 9, and Bangkok Marriott Queen Park Sukhumvit opening in July.
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TCC Land budgets Bt74.2 bn for new hotels through 2022 – The Nation