ASTUDO Hotel & Resort Management Co., a local management firm, plans to invest Bt950 million in developing four hotels in Thailand next year. The company will develop two hotels on its own in Krabi and Phuket. Another two, on Koh Samui and Koh Phangan, will be joint ventures, said CEO and founder Anthony McDonald.
Astudo Property, a subsidiary founded three months ago, will take responsibility for the hotels’ development.“We find that Thailand is a promising location for the hotel business due to its abundance of tourist destinations,” McDonald said. “After managing hotels for others, we see a high opportunity for hotels with 50 to 200 rooms and in this segment you won’t have to fight with big chains.”
Astudo opened three years ago with a registered capital of Bt1 million, offering management and consulting services to small- and medium-sized hotels. It now manages eight hotels, mostly in the provinces, and expects to add four to its portfolio by yearend. Astudo now has three brands: X2 Resorts for five-star properties, Away Resorts for four-star properties and Le Bayburi for residences. It plans to introduce The Base for budget and business hotels.
McDonald, who has been living in Thailand for nearly 20 years, expects by next year to operate 20 hotels here and in neighboring countries. Within five years, Astudo aims to own 10 hotels and manage 30 properties. We are looking for a partner or a hotel owner interested in establishing X2 design hotels in Bangkok,” he said.
Astudo is also eyeing overseas expansion. It expects to sign a five-year contract to manage a 130-room hotel to be completed in Manila in 2010, which will debut The Base brand. It is also in negotiations with potential partners in Vietnam and India.The company’s income, said McDonald, would grow by 35 percent annually before its growth declines to 10-15 percent in 2010 as the income base grows. He expects Bt90 million in revenues this year and Bt130 million next year.
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