Centara Hotels & Resorts new private partnership agreement signals strategic intent
Centara Hotels & Resorts have announced a long-term lease agreement for Centra by Centara Government Complex Hotel & Convention Centre Chaeng Watthana. Chairman of the board Suthikiati Chirativat signed the agreement for the 204-room hotel and conference property in the Thai government community 10 minutes from Bangkok’s Don Mueang International Airport (above).
Centara had managed the property for its owner, Dhanarak Asset Development Company Ltd., since 2011.
“Centra by Centara Government Complex continues to play a vital role in the facilitating of official and government business in Thailand. Having managed this successful hotel and convention centre for 6 years the investment in a long term lease in this property was a logical step and supports our strategic plan to double Centara’s size within the next five years,” said Suthikiati Chirathivat.
One of the hospitality group’s six hotel brands,The Centra by Centara Hotel and Convention Centre at the Government Complex offers accommodation and meeting facilities for business people, delegates and officials. Its 24 meeting rooms, including the large Vayupak Grand Ballroom (below), can host a variety of large and small conferences and events simultaneously. Hotel and conference facilities are integrated so that guests can easily walk between meeting and event venues, restaurants, and their hotel rooms.
Dhanarak Asset Development Company Ltd., the property’s original owner, was established by the Thai Ministry of Finance to build and manage the Government Complex — and the 20-year, 1.2 Billion Baht lease deal with Dhanarak effectively turns ownership over to Centara, who has ambitious plans to eventually renovate both the hotel and its attached convention centre.
Over the next five years, Centara Hotels & Resorts aims to double its size with additional properties in Thailand and its new international markets, while spreading its footprint into new continents and market niches.
