SET-listed Asset World Corp (AWC) reported its hotel bookings in Bangkok during the final quarter surpassed the same period in 2019, while its room rate is higher than before the pandemic.
Wallapa Traisorat, chief executive and president at AWC, said the occupancy rate this month picked up to almost 90%, higher than the average rate before the pandemic.
The Bangkok hotels include Marriott Marquis Queen's Park with 1,388 rooms and Athenee Hotel Bangkok, which will host the Asia-Pacific Economic Cooperation (Apec) meeting next month.
The stronger occupancy rate in the final quarter stemmed from pent-up demand as well as group bookings from Apec participants.
The average occupancy rate of its hotels nationwide, which have 5,000 rooms, stood at 60% and is growing.
However, overall performance still lagged behind the level in 2019 because of external factors such as insufficient inbound flights to Thailand.
In terms of room rates, the average price improved from 4,200 baht to 4,900 baht, mainly driven by its strategy to tap high-spending travellers.
She said AWC prepared 100 billion baht for its five-year sustainable development transformation plan that requires 20% more budget than usual because of the use of automation and building of Internet of Things devices, which requires higher investment.
Mrs Wallapa said the plan aims to reduce energy consumption and waste.
Working with the local community to achieve this goal will bring solid returns in the long run, she said.
Mrs Wallapa said the hotel business faces challenges this year from inflation and higher interest rates, which affect both operational costs for existing hotels and construction costs for those in the pipeline.
