Developer Sansiri Plc is pinning its hopes on its hospitality business called The Standard International as tourism is expected to boom for three years.
The company plans to launch a hotel-branded residential project in Hua Hin next year.
President and chief executive Srettha Thavisin said The Standard Residences Hua Hin will be located on a freehold 10-rai beachfront plot near The Standard Hotel. It will be the first residence for this brand in Thailand and in Asia.
"It will be our second standalone residence, following The Standard Residences Miami launched two years ago," he said. "Our Hua Hin hotel is very successful and Hua Hin is also a destination for residence as it has a strong demand for those seeking a second home."
The Standard has four more hotel-branded residential projects in the pipeline in Lisbon, Portugal; Tulum, Mexico; Austin, Texas; and Dubai. All are attached with new hotels the company plans to develop.
Boripat Louichareon, managing director of Standard Asia, said The Standard Bangkok Mahanakhon saw a significant growth in Chinese guests after China's reopening on Jan 8.
"In the first half of this year, we had a 50% growth in bookings from Chinese visitors compared to the fourth quarter last year," he said. "They have now become one of the top three nationalities staying at our hotel, up from the top five."
The largest number of guests continues to be international visitors, with a positive momentum from the fourth quarter of last year when 87% of guests were foreigners. The occupancy rate for that period was 78.7%.
Mr Boripat said outlets at the hotel were also a key driver of revenue.
Private dining rooms at Mott 32, an award-winning Chinese restaurant from Hong Kong, were fully booked on weekends throughout next month.
Mott 32 opened its fifth branch globally, the first in Thailand, at The Standard Bangkok Mahanakhon.
According to Sansiri's 2022 per- formance, revenue from hotel business soared 257% from 2021, thanks to the recovery of tourism and hotel business.
Revenue from hotel management grew by 74% to 548 million baht, mainly attributed to the economic recovery and the opening of The Standard Ibiza and The Standard Mahanakorn.
Last year, Sansiri posted a record high consolidated net profit of 4.28 billion baht, the largest in 38 years since its establishment, and year-on-year growth of 112%.
Net profit margin to revenue also rose to 12.2% from 6.8%.
Total revenue in 2022 rose 18% to 34.9 billion baht. Revenue from residential development was 30.7 billion baht with two-thirds from low-rise houses and the rest from condos.
Presales almost doubled to 50 billion baht.
