IHG Signs For Eight New Properties In Thailand
Inter Continental Hotel Group recently signed for the opening of eight new properties in several of Thailand’s key resort destinations, such as Pattaya, Rayong, Phuket, Khao Lak and Koh Samui.
The multi-brand signing will consist of new builds and a single conversion for several IHG brands, namely Holiday Inn, Holiday Inn Express and Staybridge Suites, the last being a residential style hotel brand aimed at corporate travellers, meaning that there’ll be new properties alongside the many business hotel in Rayong soon. The new properties will add a total of at least 2,000 rooms to the company’s portfolio in Thailand, where they already have the largest system size in the region.
The deal will be implemented as aprt of the group’s new partnership with local real estate firm, Ratanakorn Asset. The firm has a well established presence in the local real estate market, with a total property value exceeding Bt 30 billion, primarily located in Pattaya, Chonburi and Rayong.
According to the IHG Managing Director for Southeast Asia and Korea, Clarence Tan, Thailand is a key travel destination for both leisure and corporate, which is why it’s always been a key market for the company, and has even served as their launch pad for the operations of some of their key brands in the SEA region. These brands include Holiday Inn Express, Hotel Indigo and Staybridge Suites.
He adds that this new deal will be hot on the heels of their inaugural signing of Staybridge Suites in Bangkok in December of 2017. The new additions, Tan says, will be building on the growth momentum the IHG has in Thailand, as well as their resort portfolio, which is a testament to their commitment to their mission to provide guests with world-class accommodation.
On top of the upcoming developments, the IHG’s portfolio includes several residential properties, some commercial ones, including a business hotel in Rayong, as well as industrial and retail projects.
President of Ratanakorn Asset, Nini Ruangratanakorn says that the company took the partnership as they recognized that the Thai government’s new Eastern Economic Corridor project will be fuelling growth in many industries across the country, which is why they made the strategic decision to partner with IHG to bolster their hospitality portfolio in the country.