Thai tycoon’s firm doubles spending amid tourism boom and economic growth

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Photo Courtesy Bangkok Post

 

Asset World Corporation, the property and hotel development unit owned by Thailand‘s wealthiest individual, is set to more than double its spending on acquisitions and development of hotel resorts and commercial properties this year due to the tourism boom.

 

The company plans to invest over 20 billion baht (US$590 million) in 2023, up from around 10 billion baht last year, according to CEO Wallapa Traisorat. Major projects include a tourist-focused complex in Bangkok and new hotels in popular destinations such as Pattaya and Phuket, reported Bangkok Post.

 

Thailand’s economy, the second-largest in Southeast Asia, has experienced stronger-than-anticipated growth this year as the revival of tourism boosts earnings for airlines, hotel operators, and other service industries. The Ministry of Finance predicts international arrivals will nearly triple to approximately 30 million in 2023, a significant increase from last year’s 11.2 million.

 

Wallapa Traisorat said…

 

“We have to accelerate new investments as the demand and traffic at our hotels and properties are rising much faster than expected.”

 

Full Story: https://thethaiger.com/news/business/thai-tycoons-firm-doubles-spending-amid-tourism-boom-and-economic-growth

 

-- © Copyright Thaiger 2023-05-16

 

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