Thailand’s S Hotels and Resorts reveals focus on Profit, Portfolio and Planet

March 28, 2023

S Hotels and Resorts PCL has stated it aim to exceed THB 10 billion (US$293 million) in revenue for the first time in 2023 - an increase of around 20% compared to last year’s income figure of THB 8.7 billion (US$255 million).

To achieve this, the Bangkok-based hospitality investment and management company and the hospitality arm of Singha Estate PLC, is leveraging the ‘3Ps’ model (Profit, Portfolio, Planet), with the aim to boost profit, expand its investment portfolio and deliver sustainability projects.

As a result, the company is expected to retain its position as the number two Thai hotel operator in terms of revenue for the second consecutive year.

Following the full reopening of Thailand to international travellers, S Hotels and Resorts’ cluster of four properties in the Kingdom is expected to contribute around 16% of company’s total revenue in 2023, with a projected 60% year-on-year revenue growth. Revenue from the Maldives and UK is expected to grow 30% and 10% respectively, accounting for 31% and 36% of the company’s total.

In terms of portfolio maximisation, the group will sell matured assets in the UK and use the proceeds, supplemented by additional investment of around US$20 million, to renovate other high-potential assets. This is expected to enable ADR of US$111 million, an increase of approximately 10% compared to 2022.

Other assets being developed include CROSSROADS Maldives, which will upgrade its retail stores, community gallery, picnic park and marina, which will be able to accommodate super yachts while SO/ Maldives, the third private island resort at the project, is on track to open at the end of the year.

A comprehensive renovation at Outrigger Fiji Beach Resort will also be completed in the final quarter of the year, and plans are in place to refurbish Thailand’s SAii Phi Phi Island Village and SAii Laguna Phuket in 2023 and 2024.

The third ‘P’ in S Hotels and Resort’ strategy is dedicated to protecting the planet, in line with Singha Estate’s vision of “sustainable diversity for sustainable growth,” and in harmony with the UN’s Sustainable Development Goals (SDGs), the company is aiming to make a difference in every destination in which it operates.

This strategy has included installing solar panels on the roofs of resorts in Thailand and the Maldives, and engaging in important marine conservation projects at its Marine Discovery Centres in both countries. Successful initiatives to-date have included coral propagation and shark breeding and release programs.

As a result of these any many other initiatives, S Hotels and Resorts’ properties in Thailand and Maldives have achieved the prestigious Green Globe Certification.

The company was also included on The Stock Exchange of Thailand’s ‘Thailand Sustainability Investment’ list for 2022 and received a five-star corporate governance rating from the Thai Institute of Directors Association.

Commenting on the group’s aspirations, S Hotels and Resorts Chief Executive, Dirk De Cuyper stated “the return of international tourists, coupled with the strength of our business strategy and our sales and distribution channels, have combined perfectly to help us attract tourists from all corners of the world.

“S Hotels and Resorts appreciates the importance of applying real-time digital technology platforms to support direct bookings, which will help the company to increase ADR and RevPAR significantly and consistently. This year, we expect occupancy across all portfolios to be around 75%.”

Images: S Hotels' SAii Laguna Phuket (top) and S Hotels and Resorts Chief Financial Officer, Chairath Sivapornpan and Chief Executive, Dirk De Cuyper (below).

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