Thailand's TCC Group looks to expand hospitality business

TCC Land Group, a property arm of Thai beverage tycoon Charoen Sirivadhanabhakdi's empire, has set aside an investment budget of more than Bt50 billion for next year's business by listed and non-listed companies in the group. Earlier this week, TCC Land chief executive officer Sommapat Trisorat said that after restructuring the company's property group and separating it into three businesses (hotels, retail and offices) worth Bt80 billion in total, the company has started to expand this year's investment to Bt15 billion to renovate existing projects, with the rest of the investment budget to be spent from 2016 to 2019.

Next year, the company reportedly plans to invest between Bt1 billion and Bt4 billion to develop a four-star hotel under the Marriott brand. "Our investment in the hotel at the Asiatique Charoen Krung will depend on the number of rooms, between 200 and 800, and the design concept. The cost will be about Bt5 million per room," said Napat Charoenkul, managing director of retail business at TCC Land Asset World Estate. The group is also reportedly interested in expanding investment further, both domestically and overseas.

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"We cannot say how much we will invest ourselves or via taking over hospitality business in the next year, but we still intend to expand our business in this sector after seeing strong tourism demand, from both domestic and overseas sources," a TCC Land Group source told Nation Multimedia