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Baht/$ 34.57/62 (Bid/Ask)
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GOLD |
13,100
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HOTELS
SOMRUEDI BANCHONGDUANG
Political turmoil will not affect Central Plaza Hotel's business targets this year, according to executive chairman Suthikiati Chirathivat.
While acknowledging some room cancellations in recent days due to the political turmoil, Mr Suthikiati said the impact was relatively minor, at a cost of just one million baht.
Bookings for the fourth quarter were relatively stable at around 70%. Mr Suthikiati said Europeans, who comprise the bulk of the company's clients, were quite familiar with the country's political scene.
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| Suthikiate Chirathivat (left), executive chairman of Central Plaza Hotel, signs an agreement establishing the Centara Hotels & Resorts Leasehold Property Fund, as Surasak Dudsadeemaytha, a first senior vice-president of Kasikornbank, looks on. — Phrakrit Juntawong |
''I don't think the situation will worsen or lead to more violence. Hopefully, the problems will end soon,'' he said.
Centel, which operates 18 hotels in Thailand and the Maldives, posted first half profits of 300.9 million baht, up from 226.19 million the year before. Revenues rose to 4.08 billion baht from 3.5 billion the year before. Profits are projected to rise to more than one billion baht this year, thanks in part to gains from the launch of a new property fund.
The company launched the 3.2-billion-baht Centara Hotels & Resorts Leasehold Property Fund on Friday, managed by Kasikorn Asset Management.
The fund will take a 30-year lease of Centara Grand Beach Resort Samui, a five-star, 202-room hotel located on a 25-rai plot along Chaweng Beach. The fund, which will hold its initial public offering from today until Sept 18, guarantees a return of 9% per year for the first four years.
Surasak Dudsadeemaythan, a first senior vice-president of Kasikornbank, an underwriter of the property fund, said the launch was expected to be well-received by investors despite the difficult market environment.
While political turmoil had negatively affected the tourism sector, he said the impact was expected to be short-lived and not undermine the year-end tourist high season.
Shares of CENTEL closed on Friday on the Stock Exchange of Thailand at 4.70 baht, down four satang, on trade worth 5.8 million baht.
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