Dusit International plans to open more than 10 new hotels overseas next year, banking on improving travel demand.
Siradej Donavanik, vice-president of global development at Dusit International, said the tourism industry has recovered from the pandemic as international flights have increased and cheaper airfares are projected for 2024.
He said Thailand and Southeast Asia can expect more growth from long-haul markets.
Mr Siradej said Dusit's hotel development will focus on entering new markets in Asia, Europe and Africa to diversify its portfolio.
The group already has two hotels in Kyoto under the Dusit Thani and Asai brands, and it is planning to open new properties in other large Japanese cities such as Osaka.
New locations the group is considering within Southeast Asia include Malacca and Kuala Lumpur in Malaysia, he said.
Dusit wants to open hotels in Indonesia, in addition to its existing villa properties under the Elite Havens brand, said Mr Siradej.
The group is also studying new locations in Germany and France, with a Dusit Suites planned for Athens, Greece.
Dusit wants to expand into other cities in Africa to build on its presence in Nairobi, Kenya, he said.
Despite China's sluggish economy, the group reaped benefits from strong domestic tourism there and hopes to sign five hotels on the mainland next year as planned, on top of 10 existing hotel properties and another 10 in the pipeline, said Mr Siradej.
Asai Holdings, a subsidiary of Dusit International, has two Asai hotels in the pipeline in Cebu in the Philippines, and plans to sign a deal for a new Asai hotel in Malaysia soon, he said.
The brand is expected to break even by the end of this year thanks to a strong increase in the number of independent tourists, said Mr Siradej.
Dusit's hotel performance in Thailand has been improving this year, especially in Pattaya and Phuket, with revenue exceeding the level recorded in 2019 based on strong occupancy and average daily room rates.
However, the company's Bangkok hotels have posted meagre growth because of intense competition, he said.
Regarding its hotels countrywide, Mr Siradej said the group is depending on diversification to mitigate the impact from a weak level of Chinese arrivals, focusing on markets such as India and South Korea.
As high season has begun, he said the group has a sufficient amount of skilled employees at all of its hotels.
The company's hospitality schools also help reduce the risk of labour shortages as students can be hired as part-time staff at Dusit hotels, said Mr Siradej.