S Hotels and Resorts PCL, the international hospitality company from Singha Estate PCL, has revealed plans to significantly and sustainably expand its business in the coming years, with a target of THB 12 billion (approx. USD 337 million) in revenue across its five global markets in 2024, and adding 50 new hotels and resorts in the next five years.
The company will focus on driving operational efficiencies, enhancing its portfolio through the renovation and repositioning of properties in prime locations, the uplift of SAii, its upper-upscale lifestyle resort brand, and taking advantage of opportunities for mergers & acquisitions (M&A) to expand its portfolio in various locations. Every aspect of S Hotels & Resorts’ operations will be taken sustainably, in line with the group’s global commitment to the planet and its people.
2023 saw S Hotels & Resorts reach a major milestone when it launched SO/ Maldives, which marked the completion of its CROSSROADS Maldives project. Renovation work is now continuing at SAii Laguna Phuket and SAii Phi Phi Island Village, whilst other properties in key cities in the UK – including Manchester, Edinburgh, Leicester, and Glasgow – will be evaluated for repositioning and rebranding. Looking further ahead, the company has allocated THB 15 billion for M&A opportunities, focusing on high-potential leisure destinations in European countries, including the UK, Asia Pacific, Fiji, and the Indian Ocean.
The SAii brand will be progressively enhanced to focus on premium lifestyle escapes. Guest experiences will be elevated and redefined to align with contemporary global trends, including sustainability, health and wellness, uplifted F&B concepts and more. The enhanced SAii brand will serve as the foundation for an asset-light expansion strategy, with the target of 50 additional properties within five years through a mix of hotel management agreements (HMAs), joint ventures (JVs) and tactical asset acquisitions.
Michael Marshall, Chief Executive Officer, S Hotels & Resorts, commented: “The continued resurgence of the global tourism industry throughout 2023 and the advantageous locations of our hotels in leading tourist destinations have contributed to S Hotels & Resorts’ notable successes. We have achieved a THB 10 billion revenue milestone and maintained our position as the No. 2 Thai hotel operator in terms of revenue. The renovation of core hotel assets has been a major boost to our Average Daily Rate (ADR), which rose by 20%. For 2024, S Hotels & Resorts is working towards its main goal of boosting profitability. By continuing to drive efficiency and focusing on growth, the company aims to generate THB 12 billion in revenue this year.”
S Hotels & Resorts’ entire global operations are underpinned by its commitment to sustainability. In 2024, the company aims to reduce its carbon emissions by 5% each year, through initiatives such as solar panels being installed at resorts in Thailand and the Maldives. A recent Memorandum of Understanding (MoU) with the Maldives government has seen CROSSROADS Maldives’ conservation area being named as part of an Other Effective Area-Based Conservation Measures (OECMs) programme. The area covering 3.1 million square metres, approximately 31% of the total project size, is the largest protected marine area in the Indian Ocean.
The group’s Marine Discovery Centres in Thailand and the Maldives are targeting 50,000 visitors per year, with a range of educational activities and conservation projects, and its resorts’ restaurants have made a commitment to using locally sourced ingredients and farm-to-table menus.
“S Hotels & Resorts is on track to become carbon neutral and increase key biodiversity areas by 30% by 2030, in line with Singha Estate’s long-term sustainability commitment. As travellers’ demands continue to evolve, our unique offerings and well-positioned asset portfolio will enable us to capitalise on emerging needs and capture business opportunities in the present and the future,” Michael Marshall concluded.
