BANGKOK, 5 January 2018: Centara Hotels & Resorts announced, Thursday, the signing of a long-term lease agreement to operate Centra by Centara Government Complex Hotel & Convention Centre Chaeng Watthana.
It was previously run by Centara on a six-year management agreement, signed in 2011, which has now been replaced by a comprehensive lease deal.
Centara’s chairman of the board, Suthikiati Chirativa, signed the agreement for the 204-room hotel and conference property, located in the Thai government community in the northern suburbs of the Thai capital.
Centara had managed the property for its owner, Dhanarak Asset Development Company.
The Bangkok headquartered hotel group has now secured a 20-year lease on the property, estimated at a value of THB1.2 Billion Baht. Dhanarak hands over total control of the property for the duration of the lease.
“The Centra by Centara Government Complex continues to play a vital role in the facilitating of official and government business in Thailand,” Suthikiati. “Having managed this successful hotel and convention centre for six years the investment in a long-term lease on this property was a logical step and supports our strategic plan to double Centara’s size within the next five years.”
Centra by Centara is one of the hospitality group’s six hotel brands. The Centra by Centara Hotel and Convention Centre at the Government Complex offers accommodation and 24 meeting rooms, including the large Vayupak Grand Ballroom, which can host a variety of large and small conferences and events simultaneously.
The Government Complex houses 30 departments and agencies. It functions like a small town, including banks, retail shops, restaurants, clinics and other amenities. There is parking for over 2,000 vehicles.
Dhanarak Asset Development Company Ltd, the property’s original owner, was established by the Thai Ministry of Finance to build and manage the Government Complex. Centara has ambitious plans to eventually renovate both the hotel and its attached convention centre.