Centel targets ambitious revenue increase
Centel, under the Central Plaza Hotel, plans a significant capital investment of 13-20 billion baht over the next three years to aim for doubling their food and hotel business revenue by 2029.
Centara Hotels and Resorts CEO, Thirayuth Chirathivat, reports strong hotel performance domestically and internationally, with a 15% rise in hotel booking revenue expected for the first quarter compared to the same period in 2023.
In 2023, CHR saw a revenue of 10.9 billion baht, including a 770 million baht profit from their venture in Dubai, setting this year's target at 12.5 billion baht.
With a trend of high-spending independent tourists, CHR's strategy is to prioritize room rates, expected to be 5,500-6,000 baht per night with an occupancy rate of 70-73%. Thailand is anticipated to experience a 10% revenue growth, and with the resurgence of Chinese tourists, consistent business is expected in the Maldives.
For 2024, CHR designates 5.6 billion baht for hotel operations, with funds allocated for two new Maldives hotels, the renovation of two Thailand resorts, ongoing renovation, and rental payments for another resort. In the following two years, the company allocates 2.8 and 2.2 billion baht, respectively, for further development and renovations.
Centel's food business will see an annual investment of 1-1.2 billion baht between 2024-2026. CFO Gun Srisompong reveals future considerations include a fifth Maldives hotel and a new establishment near their Dubai resort. This year, CHR is launching six hotels, including three in Thailand, two in Laos, and one in the Maldives.
As of the end of 2023, CHR managed 51 hotels with 11,166 rooms and had 44 hotels with 9,861 rooms under development. The company targets securing 10-15 new management contracts this year.
In 2023, CHR saw a revenue of 10.9 billion baht, including a 770 million baht profit from their venture in Dubai, setting this year's target at 12.5 billion baht.
With a trend of high-spending independent tourists, CHR's strategy is to prioritize room rates, expected to be 5,500-6,000 baht per night with an occupancy rate of 70-73%. Thailand is anticipated to experience a 10% revenue growth, and with the resurgence of Chinese tourists, consistent business is expected in the Maldives.
For 2024, CHR designates 5.6 billion baht for hotel operations, with funds allocated for two new Maldives hotels, the renovation of two Thailand resorts, ongoing renovation, and rental payments for another resort. In the following two years, the company allocates 2.8 and 2.2 billion baht, respectively, for further development and renovations.
Centel's food business will see an annual investment of 1-1.2 billion baht between 2024-2026. CFO Gun Srisompong reveals future considerations include a fifth Maldives hotel and a new establishment near their Dubai resort. This year, CHR is launching six hotels, including three in Thailand, two in Laos, and one in the Maldives.
As of the end of 2023, CHR managed 51 hotels with 11,166 rooms and had 44 hotels with 9,861 rooms under development. The company targets securing 10-15 new management contracts this year.