May 25, 2017 / 10:54 AM / a year ago

Thai hotelier Erawan to invest $64 mln this year mostly on hotels

BANGKOK, May 25 (Reuters) - Thai hotel operator Erawan Group Pcl said on Thursday it expected higher revenue growth and planned to invest 2.2 billion baht ($64.29 million) this year, mainly in new hotels.

The group plans to launch nine hotels this year - eight in Thailand and one in the Philippines - adding a total of 800 rooms, Kanyarat Krishnatewin, deputy managing director and chief financial officer, told an investor briefing.

That is part of the firm’s 22 hotels under development, she said, without elaborating.

Erawan expects revenue growth of 10 percent this year and an occupancy rate of 80 percent on active tourism, Kanyarat said.

Last year, its revenue grew 6 percent, with an occupancy rate of 79 percent.

In the first quarter of 2017, it posted a net profit of 207.7 million baht, up 9 percent from a year earlier, due partly to an increase in tourists arriving from Russia, South Korea, and Japan. The number of Chinese visitors declined.

$1 = 34.24 baht Reporting by Chayut Setboonsarng; Editing by Edmund Blair

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