L&H Hotel Management Co, the hospitality subsidiary of property company Land & Houses Plc, is set to open two luxury hotels in Bangkok and Pattaya by 2018. Each property will require an investment budget of 2 billion baht and will be operated under its Grande Centre Point brand. The 442-room Grande Centre Point Hotel in Bangkok will be located in Soi Thong Lor, slated to open by the end of this year, while the hotel in North Pattaya will open in 2018.
According to Suwanna Buddhaprasart, Director of L&H Hotel Management, “the average room rate of its Grande Centre Point hotels is higher than those under local hotel management chains but lower than international chains. Therefore, the price of Grande Centre Point is quite attractive.” The company believes in its hotel strengths which consist of its location, quality of service and larger rooms. The company forecasts hotel revenue will grow by 10% to 1.65 billion baht this year and RevPAR is expected to increase by 10%.
(Source: HVS Asia Pacific Hospitality)