RX Wellness, a subsidiary of SET-listed developer M.K. Real Estate Development Plc, will invest US$20 million to renovate the historic 121-year-old Redstone Castle in Colorado as its fourth wellness centre, and is eyeing Tuscany as its next destination.
Vorasit Pokachaiyapat, RX Wellness's managing director, said the company aims to be a leading provider of integrative health and wellness services on a global scale with an expansion to worldwide destinations to capitalise on the thriving wellness economy.
"As a result of the pandemic, the health and wellness industry has seen significant growth," he said. "According to the Global Wellness Institute, the global wellness economy will rise to $7 trillion in 2025, from $4.4 trillion in 2020, with an annual growth rate of 10%."
The market for wellness tourism will see the highest growth rate with 20% per year, while spas, which are not only for relaxation as they have been upgraded to provide wellness, are projected to see annual growth of 17.2%.
"Given the exceptional hospitality that Thailand is known for, we combine it with our integrated healthcare and holistic medical services, operating under the Rakxa brand," said Mr Vorasit.
The first overseas destination it will expand to will be in Aspen, Colorado, at The St. Regis Aspen Resort, which is upgrading its existing 20-room spa to Rakxa Spa.
"The new wellness centre will provide not only pampering services but also treatments specifically designed for winter sports enthusiasts, such as muscle care and skin care," Mr Vorasit said. "We are exploring Tuscany in Italy to open our first branch in Europe."
In the third quarter of last year, the firm spent $12 million to purchase Redstone Castle, which is located on over 1,000 rai of land in Colorado, through a joint venture with the owner of The St. Regis Aspen. RX Wellness and The St. Regis Aspen hold 80% and 20% stakes, respectively.
The firm is now awaiting the issuance of a construction licence, which is expected to be obtained in the third quarter of 2024.
Construction is set to begin in the following quarter, with completion expected in the second half of 2025.
With an investment of $20 million, the castle will be renovated and transformed into an integrative wellness retreat with medical services, with a new building to increase the total number of rooms to 25.
RX Wellness expects to generate annual revenue of 100 million baht from the US wellness centres.
With registered capital of 4.6 billion baht, RX Wellness was founded in 2015 under its former name of S71 Holding, before becoming RX Wellness in 2019.
In 2020, it launched its first wellness centre in Bangkrachao, Samut Prakan, under the Rakxa brand to tap high-end wellness travellers with an investment of 2 billion baht.
Tomorrow it will open the second wellness centre in Sam Phran, Nakhon Pathom, with an investment of 700 million baht under the RXV brand. It aims to have 700 million baht in revenue by 2024.
