InterContinental Hotels Group has announced it has signed up with Thai real estate company Ratanakorn Asset, to develop eight new sites in Thailand, totalling 2000 rooms, slated to open between now and 2027, part of the developer’s strategy to reap success from the Eastern Economic Corridor (EEC) project.
The properties, comprised of conversions as well as full constructions, will be spread across five prime Thai tourists spots Khao Lak, Koh Samui, Rayong, Phuket and, of course, Pattaya – as part of IHG’s Holiday Inn, Holiday Inn Express and Staybridge Suites brands.
Thai Government’s Eastern Economic Corridor (EEC) project is set to fuel growth across many industries, including tourism – Niti Ruangratanakorn, Ratanakorn Asset
Clarence Tan (main picture, centre left), managing director of South East Asia and Korea at IHG said: “As a top travel destination for business and leisure alike, Thailand has always been an important market for us, serving as the regional launch pad for some of our key brands including Holiday Inn Express, Hotel Indigo and Staybridge Suites.
Together with our partner, Ratanakorn Asset, we are excited to strengthen our presence here with three of our most recognised and well-loved brands. Following the inaugural signing of Staybridge Suites in Bangkok (below) last December, these latest additions will build on our growth momentum in the country and in our resort portfolio – a testament to our steadfast commitment to provide our guests with world-class accommodation, in some of the world’s best resort locations.”
Boasting a portfolio containing over THB30,000 million (USD933,600,000) worth of property, including commercial, industrial, retail and residential projects, such as the R-Con Residence, Pattaya Klang Plaza and Pattaya Centerpoint serviced apartments and The Resort and City Hotel, The Resort and City Hotel — Ratanakorn Asset has plenty of experience in the region with the majority of its sites located in Pattaya, Chonburi and Rayong.
Plus the company’s work as owners of Days Inn Rest Sea Jomtien Beach Pattaya, Days Inn Siam Central Pattaya, Days Inn Patong Beach Phuket and Ramada Suites Wong Amat Pattaya, all of which are owned by the Wyndham Group, show Ratanakorn Asset has the wherewithal to handle large multi-site ventures with international hospitality organisations.
IHG is our ideal partner given its vision to build great brands guests love, placing us in good stead to meet the increasing demand for quality accommodation in these cities – Niti Ruangratanakorn, Ratanakorn Asset
Niti Ruangratanakorn (main picture, centre right), president of Ratanakorn Asset said: “Recognising the Thai Government’s Eastern Economic Corridor (EEC) project is set to fuel growth across many industries, including tourism, we took a very strategic approach at selecting, not only the location of these new developments, but the international hotel brand with which we would partner to make bolstering our hospitality portfolio here in Thailand a success.”
The EEC project area covers nearly 5020 square miles and was launched by the Thai government in February of this year, following approval by parliament, as part of a USD45 billion development project to encourage investment in the country’s economy – which the junta has forecast to grow 4.2% in 2018.
Ruangratanakorn ended his comments: “Globally recognised for its track record, IHG is our ideal partner given its vision to build great brands guests love, placing us in good stead to meet the increasing demand for quality accommodation in these cities. We look forward to working closely with IHG to forge an exciting future ahead, and are certain the compelling brand offerings, combined with the stellar locations we have selected, will be well-received when we open our doors in the coming years.”
The first of the new sites is Holiday Inn Express Pattaya Koh Larn, slated to open by the end of Q1 2018. This will be followed by Holiday Inn Resort Koh Larn, Holiday Inn Resort Pattaya Na Jomtien, Staybridge Suites North Pattaya, Holiday Inn Resort Rayong, Holiday Inn Resort Khao Lak Cape Pakarang, Holiday Inn Express Phuket Kata and Holiday Inn Express Samui Chaweng.