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Red Roof, a US economy-lodging group, is partnering with Thailand-based Paragon Hotels in opening properties in the Kingdom with confidence that the tourism industry will thrive in the years to come.

A series of newly built hotels is planned to open across the country between 2017 and 2020 in all major tourist locations.

With more than 400 properties in the US, Red Roof targets domestic travellers looking for cost-effective lodging solutions. It is banking on a study that forecasts there will be over 148 million domestic travel-related trips for Thailand travellers this year.

Paragon Hotels was established for the new business. It is a unit of Paragon Partners, a property-specialised investment house.

Targeting international and domestic travellers in both the leisure and business segments, Paragon Hotels hopes to eventually build Red Roof hotels across Asia in Myanmar, Laos, Cambodia, Bangladesh and other countries, expanding the US operator’s global presence.

BASF opens Yangon office

BASF has opened a representative office in Yangon, to support its growing base of local customers and cater to increasing demand for high-quality and sustainable chemical products and solutions in Myanmar.

The Yangon office brings Germany-based BASF closer to local customers in the agriculture, construction, mining and manufacturing sectors.

“BASF offers solutions that can help produce better yields in agriculture, affordable higher-quality buildings, clean water and better nutrition, and more sustainable manufacturing and mining. With a representative office in Myanmar, we can support our customers directly as they expand and develop their businesses,” said Boonchai Opas-iam-likit, group managing director for Thailand, Vietnam, Cambodia, Laos and Myanmar.

funding for power plant

Jaks Resources has signed a US$1.4-billion (Bt50.4 billion) financial deal involving its China-based joint-venture partner, as part of its $1.87-billion coal-fired thermal power plant project in Vietnam.

In a statement yesterday, the Malaysian company said the agreement had been made between China Power Engineering Consulting Group and its principal financiers, which are the Industrial and Commercial Bank of China, China Construction Bank Corporation and Export-Import Bank of China.- The Star, Asia News Network