BANGKOK, 8 November 2018: Thai Real estate developer, Sansiri, is entering the hospitality business through an investment worth USD80 million that will eventually involve six brands, the company announced, Wednesday.
Expansion starts with the introduction of its ‘Standard Hotels and Residences’ and a ‘One Night’ booking app in the Thai hotel market.
The Standard boutique hotel brand has doubled its footprint following Sansiri’s acquisition of a 35% stake in the parent company for USD58 million.
Ten properties are slated to open over the next few years with two in Thailand, all part of a five-year plan to develop 20 hotels worldwide.
The first opening will be in London (Q1 2019) followed by Paris, Milan, Berlin, Lisbon, Prague, Madrid, Chicago, Las Vegas, New Orleans, Atlanta, Dubai, Singapore, mainland China, Hong Kong, Taiwan, Bangkok, Phuket, Hua Hin, Jakarta and Bali.
Sansiri Public Company Limited chief executive officer, Apichart Chutrakul said: “In November 2017, we announced our investments in several global brands that are leaders in the hospitality, technology and lifestyle businesses as part of Sansiri’s move to expand our… portfolio beyond real estate development.
“I’m delighted to share that only one year on, the investment has helped to fuel impressive growth that will see two of brands — The Standard and One Night — expand into the lucrative Asian markets, with Thailand as the first port of call.”
Standard properties are boutique hotels, while One Night is an app that books stays in a network of independent hotels.
Standard International, CEO, Amar Lalvani said: “Our first hotel in Thailand will be in Phuket where we will also introduce the first Standard Residences product in partnership with Sansiri.
“Thailand is a particularly attractive market with the growth in visitors… We have chosen to open our regional office in Bangkok to oversee all of our operations in Asia and the Middle East.”
With its existing portfolio of six properties and a combined 1,200 rooms (including the soon to open London property), Standard generates annual property revenue of approximately USD200 million.
The One Night app will launch in Bangkok, marking the start of expansion in Asia. One Night, a last-minute hotels booking app, offers a collection of popular “independent hotels at the lowest rates.”
In addition to Bangkok, One Night is operating in 15 major cities, worldwide, with over 170 independent hotels. One Night is projected to be in 30 cities by year-end 2019.
