Vicha Poolvaralux, the founder of Major Cineplex Group Plc, is expanding his personal investment in the hotel business to tourist destinations in Phuket and the Maldives.
Mr Vicha recently bought a luxury hotel in the Maldives, completing the deal this year. The deal gives him the right to operate the 39-room luxury hotel in the Maldives for about 90 years.
He did not disclose the name of the hotel, saying only that the name will change to V Maldives some time soon.
"I got this hotel by chance," Mr Vicha said. "While staying there for the first time, I fell in love with it and talked immediately with the owner about a purchase."
He attributed his investment decision to the popularity of the Maldives, which is a top tourism destination, with over 2 million people visiting every year.
The country is expanding the capacity of its main airport to accommodate 7 million travellers a year, up from 1 million.
Thai companies Minor Group, Centara Hotel and Singha Estate have already invested in the Maldives.
"The hotel is not commercial, because that segment has fierce competition," Mr Vicha said. "I am focusing on a luxury hotel collection. Our hotel in the Maldives has just been awarded high ratings from TripAdvisor as the world's most romantic hotel."
The luxury hotel in the Maldives is the third personal luxury hotel Mr Vicha has invested in, after V Hotel in Hua Hin and in Bangkok.
"I am very happy in the hotel business because it's my personal passion," Mr Vicha said. "I am an inventor and love to bring new innovation to the industry."
He plans to spend 1-2 billion baht to develop 20 new luxury hotel villas on 10 rai in Ao Yon, Phuket.
"V Phuket will comprise villas on a cliff, offering more luxury villas than at V Hua Hin," Mr Vicha said. "Here, we target foreign tourists. The V Phuket project is stunning, more than beautiful." The property is scheduled to open by 2020.
"We are interested in the tourism business because tourism is a major contributor to the economy," Mr Vicha said. "Many foreign people have yet to visit Asia, and both Phuket and the Maldives offer huge business opportunities."
He said his hotel ventures have been successful because product positioning is clear.
The occupancy rate at V Villa Hua Hin averages 70% and is never less than 50%, Mr Vicha said. "Operating a luxury hotel chain is not that difficult because we don't compete with anybody," he said.