Sukosol Group, the operator of Sukosol Hotels, plans to build a luxury mixed-use development project in Bangkok's Phloenchit area in the next five years.
The concept for the multi-billion baht project is yet to be finalised, but it will have a luxury hotel as one of its key anchors.
The three-rai plot is a parking lot for Central Chidlom. It is likely to be the last large, downtown plot in the area to be developed, prompting a slew investors to approach the Sukosol family. Despite the heavy interest, the hotel group has not to found the right partner yet.
"Although Phloenchit is a tough area for the hotel business, we are confident there is still room to tap the high-end tourist market," said Marisa Sukosol, executive vice-president of Sukosol Hotels.
Ms Marisa said positive trends in tourism had made for a good investment climate. She said Bangkok, which promotes itself as a shopping paradise, had an interesting culture, vibrant communities, beautiful architecture and rich history.
She believes these positive aspects have never been seriously promoted even though European and Japanese travellers want to experience local lifestyles while abroad.
"People are always looking for something different and good service that comes from the heart. Many people don't want to stay at cookie cutter hotel chains. That's why The Siam rates positively in the high-end market," she said.
Ms Marisa said the Sukosol family never let fear motivate their business decisions. While hotel management companies have strong distribution and customer databases, Sukosol Hotels offers passion for its business and a personal touch, she said.
The family-owned hotel group operates five hotels, including The Siam, a luxury villa on Chao Phraya River, and The Sukosol in the Phaya Thai area. Its other three hotels -- Siam Bayshore, The Bayview and Wave -- are all in Pattaya.
The Sukosol Hotel performs well domestically and is a popular venue for green meetings, while The Siam is frequented by international celebrities and high-end tourists, including well-known designers and executives.
Ms Marisa and her mother Kamala, a famous jazz singer, enjoy performing for travel agents during meetings. Her younger brother Krissada "Noi" Sukosol Clapp, a Thai-American pop singer and actor, has acted as a tour guide for some clients.
Typically The Siam is fully booked during the high season and has 60% occupancy during the low season with room rates of 18,000-20,000 baht per night. The occupancy rate at The Sukosol is expected to average 80% for the year.