SCX’s 2 new hotels to generate B900m

Firm to open sites in Bangkok, Pattaya

SET-listed developer SC Asset Corporation’s subsidiary SCX Corporation, which manages its recurring-income assets, plans to open two new hotels in Bangkok and Pattaya over the next five weeks, targeting 900 million baht in revenue in 2026.

Rachod Nantakwang, chief executive of SCX, said roughly 600 million baht is expected from Kromo Bangkok, Curio Collection by Hilton, which is slated to open next Wednesday. The remainder is to be derived from The Standard Pattaya Na Jomtien, which is scheduled to open on Oct 21.

“We will focus on lifestyle hotels rather than business hotels, as demand among new-generation tourists has shifted. They are looking for experiences and uniqueness,” he said. “In Bangkok, lifestyle hotels are very rare with only five properties.”

Kromo is located on a leasehold plot near Sukhumvit Soi 29 that SCX acquired in December 2022, when only the foundations had been completed.

The previous owner, Japanese developer Fukuoka Jisho, withdrew its investment following the pandemic.

According to property consultancy CBRE Thailand, which advised Fukuoka Jisho on the sale of the property to SCX for hotel development, the transaction was valued at 1.42 billion baht.

“We revised the plan from a business hotel with room rates of 3,000 baht per night to a lifestyle hotel, partnering with Japanese property firm Daiwa House in a 2.8-billion-baht investment to continue construction,” Mr Rachod said.

Kromo features 306 rooms, with rates starting at 7,000 baht per night and an average daily rate of 5,200 baht.

Bookings through to the end of the year currently tally 2,000 room nights, with the majority of guests coming from the US and Europe.

The Standard in Pattaya, with 161 rooms, shares the same lifestyle hotel model and joint-venture structure as Kromo, through a partnership between SCX and SET-listed contractor Syntec Construction, with a total investment of 900 million baht.

“From 2025 to 2029, we plan to invest a total of 25 billion baht. So far, we have already spent 6–7 billion baht across our hotel and logistics businesses,” Mr Rachod said. “We are looking to expand lifestyle hotels in Phuket and Samui, through either greenfield or brownfield developments.”

At present, 90% of SCX’s revenue comes from four Bangkok office towers under the Shinawatra Tower brand, with a total lettable area of 120,000 square metres.

The other 10% is generated by YANH Ratchawat Hotel and the company’s logistics business.

It expects the revenue contribution from hotels to rise to 58% by 2029, when it plans to operate a total of 2,000 hotel rooms valued at 5 billion baht, which will later be sold to a real estate investment trust.

“The tourism landscape post-pandemic has shifted from being driven by Chinese travellers to increasing arrivals from Europe, Singapore, and Malaysia,” Mr Rachod said. “The new government should stimulate tourism, ensure safety, and enhance the country’s image.”