SET-listed Asset World Corp (AWC) has invested over 5 billion baht in developing the Ritz-Carlton Bangkok at the Lhong 1919 Riverside Heritage Destination in Bangkok, aiming to become the hotel offering the highest room rate in the city.
Wallapa Traisorat, chief executive and president of AWC, said the project is set to become a wellness and luxury destination along Bangkok’s riverside.
Slated for completion in 2028, the Ritz-Carlton Bangkok will be situated on three plots with a total of 192 hotel rooms and 50,400 square metres of gross floor area.
The main location is at Lhong 1919 in the Klongsan area, covering 12,800 sq m, or an 8-rai plot, which the company has leased from the Wanglee family for over 60 years.
This section will be developed into a 168-room hotel with a 425 sq m ballroom, while preserving heritage Chinese buildings and the Mazu shrine on site.
The other two plots, totalling 3 rai, are located on the opposite side of the Chao Phraya River in the Songwat area. One plot will house a further 24 exclusive rooms, while the other will feature restaurants and shared activity spaces.
The hotel will also offer an exclusive boat service for guests to travel along the Chao Phraya River while enjoying a wellness retreat programme, said Mrs Wallapa.
Around 20% of the hotel rooms are planned as large suites with two to three bedrooms plus communal space, catering to long-stay guests.
This model, adopted by its Bangkok Marriott Hotel The Surawongse, has been highly successful in attracting guests from China and the Middle East, she said.
The company also plans to develop an exclusive lounge for Ritz-Carlton guests at Asiatique.
Despite Thailand’s sluggish Chinese market, AWC’s properties continue to perform well due to a diversified international clientele, supported by the sales channels of global hospitality chain partners with over 650 million members in their loyalty programmes, she said.
Revenue per available room (RevPAR) at its InterContinental Chiang Mai rose by 56% year-on-year in the first quarter, indicating strong demand from high-spending tourists in Thailand.
Only bookings from the meetings, incentives, conventions and exhibitions (MICE) sector remain slow, particularly in Bangkok, due to lingering concerns following the earthquake that shook the capital in March, as well as ongoing global uncertainties such as trade tariffs, she said.
Other near-term projects include Jurassic World: The Experience at Asiatique, expected to open next month and attract an additional 30,000 daily visitors, and the Pattaya Marriott Resort & Spa, slated to launch later this month.