THURSDAY, March 28, 2024
nationthailand

Central Plaza and Erawan post 2015 revenue growth

Central Plaza and Erawan post 2015 revenue growth

THAI hospitality companies Central Plaza Hotel Plc and the Erawan Group have forecast strong revenue growth this year due in large part to the political stability.

Central Plaza is targeting revenue of Bt20 billion, up more than 10 per cent year on year.
The company expects the average occupancy rate for its hotels to be higher than 80 per cent this year after reaching 85 per cent in the first quarter, senior vice president for finance Ronnachit Mahattanapreut told reporters. Central Plaza plans to invest Bt26 billion between 2015 and 2020, of which Bt19 billion will be spent on its hotel business and Bt7 billion on food, Ronnachit said.
The Erawan Group is targeting 35 per cent growth in revenue in 2015. It said a pronounced spike in foreign tourists was also driving growth. Revenue from its hotel business is expected to rise 47 per cent in the second quarter with an estimated average occupancy rate of 73 per cent, chief financial officer Kanyarat Krisnathevin said.
The occupancy rate is expected to rise to 77 per cent for the entire year after hitting 65 per cent last year, as the tourism sector continued to recover in the first quarter with international tourist arrivals rising 24 per cent on the year, Kanyarat said.

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