Marriott Expands in Thailand
Thursday January 31st, 2013 - 3:08PM
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BETHESDA, MD—Marriott International, based here, signed seven management agreements with TCC Hotels Group for properties across Thailand, making TCC Hotels Group the largest owner of Marriott International hotels in Asia-Pacific.
The seven hotels include the following conversions: The Imperial Queen's Park Hotel, Bangkok, to be rebranded as Bangkok Marriott Hotel Queen's Park, and the Imperial Adamas Phuket Beach Resort, to be rebranded as Phuket Marriott Resort & Spa, Nai Yang Beach.
In addition, the deal includes these new-build properties: HuaHin Marriott Resort & Spa; Pattaya Marriott Resort & Spa, Jomtien Beach; JW Marriott Pattaya Resort & Spa; Marriott Hotel and Executive Apartments, Bangkok Surawong; and The Ritz-Carlton, Bangkok.
TCC Hotels Group expects to invest roughly $500 million in the seven hotels, including extensive renovations of the two conversion hotels, which are expected to open in 2016.
These seven hotels, consisting of 3,000 rooms, are in addition to Marriott International’s existing pipeline in Thailand of more than 1,000 rooms. By 2017, the company expects to manage over 7,000 rooms in the country. (It currently offers 12 hotels, or 3,110 rooms, in Thailand.)
Tags: Hospitality Ownership
The most recent NYU Conference, earlier this month proved, once and for all, that the lodging industry has finally turned the corner and happy days are, indeed, here again. While the economists and pundits all provided plenty of anecdotal evidence to bear that out in terms of supply and demand ratios, RevPAR projections, asset values and all the other metrics, that’s not what has me convinced.