Hyatt International signed this week an agreement with Central Retail Corporation (CRC) for long-term management of the 222-room Park Hyatt Bangkok at Central Embassy on Ploenchit Road (the previous British Embassy).
With an investment estimated at 125 million euros, the 36-floor hotel Park Hyatt Bangkok Hotel is scheduled to open in 2014 as the second Park Hyatt hotel in Southeast Asia after the one in Ho Chi Minh City.The room rate at Park Hyatt Bangkok at Central Embassy will run from 120 to 250 euros per night. About 40 per cent of guests will be upmarket travellers from Asia (of whom 10-15 per cent will be from China), while another 20 per cent each will be from the United States and Western Europe.
With the occasion of signing the management agreeement for the Park Hyatt in Bangkok, the company confirmed negotiations with developers in Phuket and Samui for possible management agreements to open Park Hyatt hotels on those islands. However, it is not optimistic for the potential of Samui as the hotel market there is oversupplied. Meanwhile, negotiations with potential developers in Phuket will be finalised by the end of the year.
Zulki Othman, Hyatt’s director of sales and marketing for Southeast Asia, said there were currently 28 Park Hyatt hotels under development or already operating around the world, of which 11 were in Asia. The company plans to open another 18 Park Hyatts globally within the next three years.
Chart Chirathivat, CRC’s managing director for Central Embassy, said:”Having Park Hyatt as a part of the Bt10-billion Central Embassy project will surely put this luxury retail landmark on the world map, highlighting Central Embassy’s key philosophy of ‘infinite connections’.” Chart said that once it opens, the Park Hyatt Bangkok was expected to account for 25 per cent of the annual revenue from the Central Embassy project, while 75 per cent would be from the shopping complex.
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