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SET-listed Asset World Corp (AWC) is planning to debut the premium lifestyle brand Ruby in Thailand, marking its first entry into Asia-Pacific, through a partnership with the global hospitality company IHG Hotels & Resorts.
Wallapa Traisorat, chief executive and president of AWC, said the company plans to upgrade and renovate some of its existing hotels to position them in the premium segment, targeting high-spending tourists and capitalising on Thailand’s growth potential.
AWC’s investment strategies include partnering with various global hospitality chains, including IHG, to develop branded properties and access their loyalty programme members.
The company operates two hotels under IHG’s brands: InterContinental Chiang Mai The Mae Ping and Holiday Inn Express Sathorn.
The latter will soon be revamped and upgraded to the premium Ruby brand, the first IHG Ruby property in Asia, with the project slated for the third quarter of next year, she said.
“Rebranding allows the property to increase room rates, while occupancy is already robust,” said Mrs Wallapa.
Another property slated for renovation is Imperial Hua Hin, which will be turned into Kimpton Hua Hin, with completion set for 2028, she noted.
AWC has six hotels under IHG brands in the pipeline: two in Chiang Rai, two in Bangkok’s Chinatown, one in Pattaya and one in Hua Hin.
Vivek Bhalla, managing director for Southeast Asia and Korea at IHG Hotels & Resorts, said there are more than 40 Ruby hotels globally, with plans to expand the brand to over 120 hotels within a decade across major urban destinations.
In Southeast Asia and Korea, IHG operates 152 hotels, with 90 properties in the pipeline. Roughly 40% of both existing hotels and those in the pipeline are in the luxury and lifestyle segments.
Thailand remains the region’s largest market and offers strong growth potential, with 42 operating properties and 40 in the pipeline, he said.
