Utopia preps Phuket hotel, landmarks

Utopia preps Phuket hotel, landmarks

Utopia Corporation has expanded its business unit under the Utopia Hospitality Group (UHG) to introduce a new midscale hotel by October next year and is developing two landmark projects in Phuket worth a total 4 billion baht.

Hachi Yin, chief executive and founder of Utopia Corporation, a Phuket-based developer, said as most of the buyers are investors, developers have to recruit a management company to run the operations, but this method requires high fees with no guarantee on returns, so the firm decided to set up UHG to offer the service.

UHG, its wholly owned hospitality management company, offers three brands under midscale "aparthotel" which merges apartment and hotel for flexible stays, as well as an upscale lifestyle resort and hotel focusing on wellbeing.

There is also an ultra-luxury brand under a collaboration with partners such as Tonino Lamborghini to introduce Tonino Lamborghini Boutique Hotel Phuket, slated for 2024.

Mr Yin said the first midscale hotel will open next October, followed by an upscale hotel in February 2023.

UHG is estimated to contribute revenue of 20% to the group, according to its long-term plan.

Utopia Corporation, founded in 2015, has a total of eight real estate projects in Phuket under an investment budget of 8 billion baht.

The firm plans to introduce two landmarks valued 4 billion baht, namely Bay of Icons in Ao Por to attract international high-net-worth individuals, slated for the fourth quarter of 2025.

Bay of Icons consists of Tonino Lamborghini Boutique Hotel Phuket, beach club and another hotel with a second partner in the field of ultra-luxury fashion brand.

Mr Yin said other famous destinations such as Sentosa in Singapore or Hollywood have landmarks, but there is no landmark in Phuket to attract ultra-luxury tourists to come and stay.

Another project set for 2024 is an entertainment complex under Utopia Dream in Nai Harn.

He said the two projects will be in line with a surge of tourism from 2023.

Mr Yin said its partners from China suggest that Chinese citizens might be able to take overseas trips by next May and the number will significantly pick up the year after.

Utopia Corporation also aims to list on the Stock Exchange of Thailand through an initial public offering by 2025.

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