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PTT Plc will choose a partner for joint investment in its budget hotel business at PTT petrol stations in November, and aims to submit its selection for board approval in December.
Auttapol Rerkpiboon, senior executive vice president for the oil business unit at PTT, said three candidates have been screened from a list of up to seven interested parties that had proposed investment plans.
The construction of four to five pilot budget hotels will begin at some of its petrol stations in order to assess the feasibility of the budget hotel business. If the pilot is successful, PTT plans to build 50 budget hotels in five years.
“The first five pilot budget hotels will be invested by PTT itself before being expanded to its dealers. This is similar to PTT's gas station business,” Auttapol said.
Each budget hotel will house 30-79 rooms.
Yesterday, PTT and the Bank for Agriculture and Agricultural Cooperatives signed a cooperation agreement to build up business partners and assist the bank's customers.

PHILIP MORRIS SETS NEW PRICES AFTER TAX CHANGE

After the introduction of the new tobacco excise tax structure this month, cigarette makers, including Thailand Tobacco Monopoly and several importers, are continuing to adjust their retail prices.
Gerald Margolis, the managing director of Philip Morris (Thailand) Ltd (PMTL), released new suggested retail prices ranging from Bt60 per pack up to Bt165 for the company’s brands from yesterday.