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Local developer Ratanakorn Asset is seeking to double its assets under management to Bt50 billion by joining with InterContinental Hotels Group (IHG) to launch eight new properties in Thailand under the Holiday Inn, Holiday Inn Express and Staybridge Suites brands.

The Bt20bn investment, which will add 2,000 rooms to IHG’s Thailand portfolio, represents close to 100% of Ratanakorn’s 30-billion-baht current portfolio.

But this figure underestimates the magnitude of the investment because Ratanakorn already owns the land on which the hotels will be built, said Clarence Tan, IHG’s managing director for Southeast Asia and Korea.

Seven of the properties will be built from scratch, while the last one will be a rebranding of one of Ratanakorn’s current hotels. Ratanakorn expects to double its annual revenue after the last property starts operating 10 years from now.

Mr Tan said the eight projects are the first step in IHG’s multi-phase investment plan with Ratanakorn, but he declined to disclose further details on the timeline or value of the future deals.

“We are waiting to see the performance of these first properties before heading to the next investment stages,”

said Jugkarut Ruangratanakorn, managing director of Ratanakorn Asset.

Source:

https://property.bangkokpost.com/news/1471621/ratanakorn-asset-gains-muscle-with-ihg-partnership