SET-listed Erawan Group Plc (ERW) is maintaining its five-year expansion plan, aiming to have 87 hotels and more than 10,000 rooms in its portfolio.
President Kamonwan Wipulakorn said the company is nearly halfway through its five-year plan, which ends in 2020.
Since 2016, the group has invested several billion baht in hotel expansion and investment. Some 70% of the budget has gone to domestic investment and the rest to the Philippines.
Last year, Erawan Group operated 41 hotels with a combined 6,385 rooms. The group expects to run 52 properties with 7,238 rooms this year. The figures are set to increase to 87 and more than 10,000 by the end of 2020.
Of the total portfolio, 25 properties will be luxury and mid-scale hotels and the rest will be Hop Inns, the group's budget segment.
"From now to 2020, Erawan Group will continue investing as planned, nothing will change from the plan," Mrs Kamonwan said. "In 2018, we are going to maintain hotel expansion in Thailand and in the Philippines."
To comply with Erawan's limitation on the age of employees, Mrs Kamonwan plans to retire from the group's presidency at the end of this year at age 55.
After 10 years with the company, she will continue to serve as a director and will take a new role as an adviser to the group.
In January, Petch Krainukul, who is now senior executive vice-president and director, will replace Mrs Kamonwan.
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Mr Petch has committed to furthering the group's master plan. He is also considering Vietnam and Myanmar for future investment.
"A few years ago, the group studied investment in seven countries before starting with the Philippines," Mr Petch said. "We are monitoring other countries at all times."
In a bid to cash in on booming Thai tourism, especially rising Chinese numbers, Erawan is increasing the number of Hop Inns in the domestic market from seven to 10 this year.
By the year 2020, the group expects to have 25 luxury and mid-scale hotels, 50 Hop Inns in Thailand and 12 Hop Inns in the Philippines.
Aside from the expansion, Erawan Group is renovating the JW Marriott in Bangkok, expecting to finish in 2019. Moreover, the group is adding 13 deluxe rooms at Naka Island, a Luxury Collection Resort and Spa, Phuket.
Last year, Erawan posted revenue of 5.60 billion baht and a net profit of 366 million baht.
ERW shares closed yesterday on the Stock Exchange of Thailand at 7.60 baht, up 15 satang, in trade worth 116 million baht.