Asset World Corporation (AWC), a leading integrated lifestyle property developer, said on Wednesday it expects “high-value” tourists to boost spending after unveiling 3.4-billion-baht investment plans for a luxury riverfront wellness resort.
“After the Covid-19 situation settles … we will likely see more high-value tourists with longer length of stay,” AWC chief executive Wallapa Traisorat said in an economics seminar Thailand 2022 Unlock Value.
This week AWC signed a lease to rent Lhong 1919, the historic spot along the Chao Phraya River from the Wanglee family, covering over 8 rais of land.
With a budget of 3.4 billion baht, it plans to construct a premium wellness resort under management of the Ritz Carlton Hotel group, which is set to open by 2026.
As health-conscious trends are growing, notably in the luxury segment, AWC seeks to be a “world-class riverside urban sanctuary and wellness that will attract health enthusiasts from all over the world,” it said in a statement.
Wallapa pointed out that customer behaviour is shifting toward a “merged lifestyle” where people tend to use hotel facilities and services for work more while real offices play less vital roles.
The company’s business can be divided into two main segments: hospitality, and rental and rendering of commercial building services.
Wallapa is the daughter of tycoon Charoen Sirivadhanabhakdi, who owns Thai Beverage, a prominent beverage manufacturer in Southeast Asia.
By midday, AWC stock traded at 4.56 baht, up 0.44 per cent from its prior closing.