Thailand's TTC Group to Invest $644 Million in 7 Marriott Hotels
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The TTC Hotels Group is set to become the largest owner of Marriott hotels in Thailand.
On Monday, the group announced plans to invest more than $644 million through the end of the decade to build and renovate as many as seven Marriott-branded hotels, Reuters reported.
The purpose of the investment is to meet expanding tourism demands, including the increasing number of business travelers visiting Southeast Asia, according to TCC Land Asset World President and Deputy CEO Wallapa Traisorat.
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Under TCC's plans, Bangkok's largest hotel, the 1,251-room Imperial Queen's Park Hotel, will be rebranded as Bangkok Marriott Hotel Queen's Park. Other Bangkok-based properties included in the deal are the Marriott Hotel and Executive Apartments, Bangkok Surawong and the Ritz-Carlton, Bangkok.
The four other hotels include the Imperial Adamas Phuket Beach Resort, HuaHin Marriott Resort & Spa, Pattaya Marriott Resort & Spa, Jomtien Beach and the JW Marriott Pattaya Resort & Spa.
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The five-star Imperial Adamas Phuket Beach Resort will be rebranded as Phuket Marriott Resort & Spa, Nai Yang Beach. It and the Imperial Queen's Park Hotel will undergo extensive refurbishments before being reopened later this year.
"I believe this partnership shows our commitment to and faith in Thailand as a strategically important business and leisure destination in Southeast Asia," said Marriott's President and Managing Director for Asia Pacific Simon Cooper in a statement.
Marriott currently has more than a dozen hotels and resorts in Thailand comprising 3,500 rooms. However the company aims to nearly double that inventory by 2018.
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