A partnership between TCC Hotels Group Company Limited, Hotel Okura Company Limited and Univentures Public Company Limited will create a new five-star hotel in the centre of Bangkok, it was announced today.
The three partners have joined forces to invest almost THB3 billion (US$96 million) in the Okura Prestige, a 242-room hotel set to open on the corner of Bangkok’s Wireless and Ploenchit Roads in March 2012. The new hotel will become Okura’s first property in Thailand.
Toshihiro Ogita, President of Hotel Okura Company Limited, said; “We are encouraged by the growing numbers of visitors to Thailand from Japan for both business and leisure and, of course, there is also a very strong Japanese ex-pat community living and working in Bangkok. These are important factors and we are confident that our new hotel will appeal not only to Japanese patrons but also to Thais and many other nationalities that are familiar with our high standards of service.”
Toshihiro-san added that he is confident that occupancy levels at the Okura Prestige Bangkok will average some 60 percent in the porperty’s first full year of operations, before increasing in later years. Japanese business visitors and the nation’s reviving MICE sector are expected to contribute as much as 40 percent of total business.
Georges Baurin, Senior Vice President for Asset Management Domestic Hotels – International Brands, TCC Hotels Group Company Limited, added; “There is no doubt that our prime location, as part of the Ecoplex on Witthayu complex, gives us a real advantage. We expect to enjoy impressive returns from this major investment of almost three billion baht.”
Ornruedi Na-Ranong, President of Univentures Public Company Limited, commented; “The competitive association between Park Ventures, a high-end project comprising premium office space, and the top-class ‘Okura Prestige’ hotel brand from Okura, produces an exciting synergy that creates real and very positive advantages for our businesses. We believe that the opening of the Okura Prestige Bangkok will do much to attract greater attention to the complex as a whole, in particular from leading Japan-based companies.”