Oakwood, VMPC collaborate on Sri Racha development
OAKWOOD ASIA Pacific, a member of US-based Oakwood Worldwide, is set to extend its footprint in the Thailand market with the signing of a new property deal in Sri Racha, Chon Buri province.
At a signing ceremony yesterday with Bangkok-based developer VMPC Co for the establishment of Oakwood Hotel & Residence Sri Racha, Dean Schreiber, managing director of Oakwood Asia Pacific, said the company was confident about the potential of the Thailand market and would continue to grow the Oakwood brand here.
The Sri Racha property will be Oakwood’s first outside Bangkok, as well as the introduction of its product extension Oakwood Hotel & Residence, which includes a “hotel” product.
“The strategic location of the property in the heart of Sri Racha, where it’s positioned in the middle of multiple industrial estates as well as Laem Chabang Port, is an ideal setting for Oakwood and we expect to achieve over 50-per-cent occupancy after full operations at the end of 2017,” Schreiber said.
Oakwood Hotel & Residence Sri Racha will comprise 458 units, with a mix of hotel rooms and serviced apartments.
Facilities will include a swimming pool, a fully equipped fitness centre, games room, library, and 24-hour supermarket as well as meeting and ballroom facilities.
Speaking at the signing ceremony, VMPC chairman Prinya Tieanworn said the deal was part of the company’s efforts to diversify from its core business of property development into hospitality.
“We have chosen the Oakwood Residence product for its promise of elegance, comfort and personalised service, and selected Oakwood as our partner for its strong global network and presence in Asia-Pacific, especially in the Japanese market,” he said.
“Sri Racha has emerged as an industrial town [that] has attracted numerous large-scale manufacturing companies. This has catalysed the expansion of mid-scale to upscale hotels and serviced apartments.”
Oakwood Hotel & Residence Sri Racha is expected to open this year, after the full opening of the adjoining Atara Mall in September.
Singapore-based Oakwood Asia Pacific currently manages two properties in Bangkok, among 35 properties in 19 cities in 11 countries across Asia, with further properties in the pipeline.