Siripanna Group, a hotel operator and real estate investor in Chiang Mai, is expanding its portfolio in Bangkok and major tourist destinations, aiming to invest up to 900 million baht during 2018-19.
Supamit Kitjapipat, chief executive of the group, said it plans to invest in a Bangkok condominium for the first time next year worth 400 million baht, located near the MRT Pink Line. The group also wants to enter the Hua Hin and Pattaya markets, allotting 300 million for hotel projects in each city in 2018 or 2019.
The remaining 200 million baht has been allocated for hotel expansion on a plot next to the Siripanna Villa Resort and Spa Chiang Mai. The expansion will add 20 rooms and a mixed-use project with office space, a gym and market.
"The group will have its ninth anniversary next year and it's a good time to expand our portfolio to other major destinations like Hua Hin and Pattaya. These two new projects will be managed by our hotel team and use our brand," said Mr Supamit.
Siripanna chief executive Supamit Kitjapipat says it's a good time to expand.
Since 2016, the group has spent 100 million baht to renovate Siripanna Villa Resort and Spa Chiang Mai, adding 30 guestrooms, bringing the total to 104, on top of a meeting room and restaurant.
In 2017, the group began to develop a residence project called Akaluck Sansai in Chiang Mai, complementing its first real estate project, Parano Condo @ Chiang Mai.
Mr Supamit said the north of Thailand has always played an important role in the country's tourism industry. It is known for its natural attractions, cultural heritage and its role as the historical gateway in connecting the states and economies of the Southeast Asian region.
Total arrivals to Chiang Mai from January to October, both Thai and international, stayed strong at 8.22 million. The number of visitors will only grow during the current high season.
Siripanna Villa Resort and Spa Chiang Mai runs an average occupancy rate of 78%. The resort's average room rate is 3,200 baht per night. Some 60% of its clients are from foreign countries, including China, the US, France, Germany and Australia.
For hotel business in Chiang Mai, visitors, especially repeat ones, expect consistency of quality. Repeat visitors also tend to book their accommodation at the last minute.
Siripanna Group last week organised "Siripanna A Place of Harmony" for the first time in Bangkok, offering visitors discounts of up to 80% for the brand's accommodation offerings and spa, as well as providing up to 800,000 baht discounts on home and condominium sales.
Mr Supamit said revenue from the hotel and real estate is expected at 300 million baht this year and will increase in 2018.
