The ERAWAN Group has outlined a five-year investment plan to take on seven new hotels and to sell five of their existing properties. The group expects to spend 7 to 10 Billion bath on new investment in its hotel business between 2011 and 2015.
The number of hotels will rise from 13 this year to 15 within the next five years. It plans to sell one existing property per year during the course of the five-year plan, while adding seven more, said Kamonwan Wipulakorn, the group´s vice president and chief financial officer. She added that the group would open three hotels in 2012 in Bangkok and Hua Hin, worth 1,1 Billion bath.
It is also considering adding more hotels in Pattaya, Sri Racha and Phuket to cash in on the bright future of tourism.
In Bangkok ERAWAN will open a Mercure and an IBIS, also in Siam Square. The two properties are scheduled to open in the fourth of 2012.