BANGKOK, 6 February 2024: S Hotels and Resorts PCL, an international hospitality company under Singha Estate PCL, is gearing up business strategies targeting THB12 billion in revenue for 2024.
S Hotels & Resort Public Company Limited chief executive officer Michael Marshall said: “The continued resurgence of the global tourism industry throughout 2023 and the advantageous locations of our hotels in leading tourist destinations have contributed to S Hotels & Resorts’ notable successes.
“We have achieved a THB10 billion revenue milestone and maintained our position as the No 2 Thai hotel operator in terms of revenue. The renovation of core hotel assets has been a major booster to the Average Daily Rate (ADR), which rose by 20%. 2023 also marked another milestone for the company with the opening of a five-star SO/ Maldives resort in November, representing the completion of the CROSSROADS Maldives collection.”
During 2024, S Hotels & Resorts’ primary focus is boosting profitability. The company aims to generate THB12 billion in revenue by continuing to drive efficiency and focusing on growth.
The company plans to accelerate EBITDA potential with a 3-5% margin. The Revenue Per Available Room (RevPAR) is expected to grow 25%, driven by strong pick-up from business on the books in the Maldives for the first quarter and the projected 20% uplift in overall ADR from room improvements in Fiji and Thailand.
The renovation plans in Thailand will continue at SAii Laguna Phuket and SAii Phi Phi Island Village. At the same time, properties in prime locations of major tourist destinations in the UK will be evaluated for repositioning and rebranding.
Additionally, the company targets 50 additional properties within five years, some of which will be under the asset-light platform through hotel management agreements (HMA), joint ventures (JV), and the remaining under quality asset acquisition.
S Hotels & Resorts has allocated THB15 billion for M&A opportunities over the next five years, with high-potential leisure destinations in European countries, the UK, Fiji, Asia-Pacific countries, and countries in the Indian Ocean being its primary targets.