The ERAWAN Group Expands with Prime Location Near BTS Phrom Phong, Strengthening Hotel Portfolio for Continued Growth
"The ERAWAN Group" signed long-term lease agreement for over 2 rai of prime land near Phrom Phong BTS station, valued at over 6 billion baht, further strengthening its hotel business strategy for continuous growth. The Company is confident in the potential of Thailand's tourism sector in the CBD area.
On November 29, 2024, The ERAWAN Group Public Company Limited (SET: ERW), a hospitality developer and operator in Thailand, the Philippines, and Japan, signed a long-term land lease agreement for over 2 rai of land near the BTS Phrom Phong station, worth over 6 billion baht. The lease term is 30 years, with extension rights for another 30 years after the initial period. This investment aligns with the Company’s long-term business development strategy.
The Company has allocated a budget of approximately 8 billion baht for this investment, with 6 billion baht for land value, inclusive of a 30-year lease term and right to extend the lease term for an additional 30 years from the expiration of the initial lease term. With this investment, the Company is determined to strengthen its long-term business development while expanding its hotel portfolio, especially in the Central Business District (CBD) area. The Erawan Group believes the CBD area, particularly near the green line BTS station, remains a prime investment location for the hotel industry and is confident that demand from leisure tourists and business travelers in this area will continue to grow.
For 9M24 performance, the Company recorded a normalized total revenue of 5.7 billion baht, representing a 10 percent increase compared to the same period last year (YoY). This growth is a result of our operational achievement that aligns with the Company’s long-term business development plan.
For more details on The ERAWAN Group, please visit www.theerawan.com