Hotel chain Standard International plans to launch two branded residential projects in Phuket and Hua Hin, while also opening five new hotels with 600 rooms across four destinations in Thailand during 2023-26 to capitalise on robust demand.
Boripat Louichareon, Standard International's managing director for Asia-Pacific and the Middle East, said one of the new branded residential projects is in Laguna, Phuket, the company's third following Miami and Lisbon.
"The Standard Residences, Phuket Laguna will be developed by a subsidiary of Central Group," he said. "This site will also have retail spaces with restaurants and bars for outside guests and The Peri Phuket, one of our hotel brands, with 150 rooms which will be opened by 2026."
Being launched in the fourth quarter of 2023, the Phuket project will be low-rise buildings with a total of 222 units sized from one bedroom at 55 square metres to a duplex unit at 270 sq m.
The target buyers will be primarily foreigners, with a particular focus on Chinese and Russians, who have shown a demand for properties in Phuket. The company and its partner are considering a rental pool programme, whereby a person's unit is managed as a hotel room.
In the first quarter of 2024, The Standard's second branded residential project in Thailand will be launched in Hua Hin.
It will be developed by Sansiri Plc, the company's parent firm, on a beachfront site located 4.5 kilometres from The Standard, Hua Hin hotel.
The Standard Residences in Hua Hin will consist of 258 units sized from one-bedroom units at 45 sq m to pool villas at 220 sq m.
These residences will be offered at the highest-ever prices seen in Hua Hin, said Mr Boripat.
Amar Lalvani, Standard International chief executive, said the expansion of The Standard Residences in Thailand followed a successful launch of the first one, The Standard Residences Midtown Miami, which achieved an 80% sales rate.
In Thailand, the company plans to open two hotels under The Standard brand in Pattaya and Khao Yai with 100 rooms each in 2024 and 2025, respectively.
It will also open three hotels under The Peri brand, comprising 62 rooms by the bank of the Chao Phraya River near Phra Arthit Pier in 2024, a property with around 180 rooms on Sukhumvit 24 in 2025, and another 150 rooms in Laguna in Phuket in 2026.
"Prior to the pandemic, many hotels in Asian countries heavily relied on Chinese tourists. However, as they have adjusted and become less dependent on the Chinese market, they no longer need to rely solely on Chinese visitors," said Mr Lalvani.