Hotel Okura Signs Deal for Two Thailand Properties

Botanica Luxury Villas, based in Phuket, Thailand, announced plans for significant portfolio expansion following record-breaking sales of THB1.2 billion (roughly $35 million USD) in a single month in 2024. Phuket's villa market has reached a historic THB160-170 billion, with villa launches surpassing condominium launches for the first time in 15 years. Botanica Luxury Villas has expanded its reach beyond Phuket with developments in Krabi and Hua Hin with both locations attracting growing interest from Europeans, Australian and Chinese buyers seeking high-end vacation homes and getting rental yields of 6%-8% annually. The company's portfolio includes 27 projects across three major tourist destinations, with its 2025 pipeline featuring several mixed-use developments. One is Botanica Grand Avenue, a THB12 billion mega project near Phuket's Bang Tao Beach, including HYTHE by Botania, the company's first luxury condominium project. All the expansion aligns with Thailand's broader strategy to establish its resort destinations as global luxury hotspots, with recent data showing the Phuket villa segment has launched 1,285 new units across 65 projects in the first half of 2024 alone, valued at THB36 billion.

Hotel Okura Co. Ltd announced the conclusion of a new management agreement with Asset World Corporation. The agreement was signed on December 14, 2024, paving the way for two new hotels – Okura Resort Chiang Mai and the Okura Prestige Sukhumvit Bangkok Hotel and Spa in Bangkok's trendy Thonglordistrict. Both properties are expected to open in 2028, expanding Hotel Okura's Thai offering to seven hotels and adding over 400 rooms to Okura Nikko Hotels' portfolio in Thailand. Okura Resort Chiang Mai will be the first Okura-branded hotel in Northern Thailand, situated on Chang Klan Road. It will feature over 200 rooms with sizes ranging from 40 to 120 square meters, blending ryokan-style elements with influences from the Lanna culture of ancient Chiang Mai. The hotel will feature a café, rooftop bar, other food and beverage facilities and more. The Okura Prestige Sukhumvit Bangkok Hotel and Spa will offer long-term stays and a wellness program combining traditional Japanese approaches with modern wellness techniques. It will also feature over 200 rooms, with the average being 45 square meters in size, including suites. There will be a sky lobby and a rooftop bar. Under the long-term partnership with AWC, Hotel Okura expects to continue to develop hotels in Thailand.

Centara Hotels & Resorts unveiled the new-look Centara Karon Resort Phuket, just moments from Karon Beach and the Andaman Sea. Following the revitalization, the resort invites visitors in three distinct zones – The Terrace, The Lagoon and The Tropicale. Highlights include The Terrace's spacious rooms, which feature balconies with views of the city or sea. The one, two and three-bedroom Pool Villas will be unveiled by the end of 2025 and will include outdoor pools and a dedicated check-in area. The resort has a 3,000-square-meter pool zone with three separate pools for adults and kids. The resort includes the signature SPA Cenvareeand a fully-equipped fitness center. There is a trio of tropical pool bars, Pink Social, Bistro Grill & Bar, and the Escape Pool Club for culinary and beverage options.

Indian Hotels Company announced the opening of Taj Puri Resort & Spa, a luxurious beachfront resort in Odisha, situated along the Bay of Bengal, marking IHCL's entry into one of India's most revered coastal destinations. The 90-key resort offers panoramic views of the ocean and landscaped gardens. Food and beverage options include all-day dining at Vista; specialty restaurant Jaatra and the Jaatra Bar. The resort has a 14,000-square-foot lawn for weddings and large gatherings alongside indoor banquet facilities. Guests can rejuvenate at J Wellness Circle. With the addition of this hotel, IHCL will have six hotels in Odisha, including one under development.

IHCL also said they signed a 100-key hotel in Dehradun, Uttarakhand, under its Gateway brand. With the addition of this hotel, IHCL will have 17 hotels in Uttarakhand, including seven under development.

Sarovar Hotels is set to debut a Royal Tulip hotel in Kathmandu, Nepal, featuring 304 rooms. The hotel is scheduled to open in the first half of 2025, located near Tribhuvan International Airport in Kathmandu. Developed in partnership with Nepal's Massif Hotel, the property will become Nepal's largest, designed to cater to mountaineers, pilgrims, and business travelers from India and Southeast Asia. Sarovar Hotels is also broadening its footprint with upcoming properties, 15 of them, across India, Africa and other regions, anticipated a 12%-13% revenue boost in 2025, driven by its expanding portfolio. In 2024, Sarovar Hotels significantly expanded its portfolio, adding 27 new properties, bringing its total to 135 hotels, with 55% of them under their mid-market Sarovar Portico brand.

Royal Orchid Hotels unveiled Anantam Resort in Rajasthan's Khatoo, near Shree Khatu Shyam Ji Temple. Khatu Shyam Temple is one of North India'sfastest-growing religious hubs. Anantam Hotel & Resort is located just two kilometers from the Shree Khatu Shyam Ji Mandir. The 120-room hotel includes an array of luxury amenities, including 14 Premium Suites, event spaces including a 7,000 square foot meeting and banquet area and a 25,000 square foot lawn, a swimming pool and diverse dining options.

SA Group of Companies announced the five star luxury hotel Grand Palace Hotel Dhaka is set to open this Thursday in the Kakrail area of the capital city. SA is the owner of the hotel, the group's third venture. Dhaka hotels have been having a rough time of it, with average occupancy at star-rated hotels currently sitting at between 40% and 45%, impacted still by the July uprising and competition from other vacation locations worldwide. The hotel will offer spacious rooms, premium cuisine, a swimming pool, health club, bar and conference facilities, expected to cater to both domestic and foreign tourists.

Polaris Holdings Co. Ltd issued an update saying they signed a Memorandum of Understanding with Star Asia Management LLC to manage a new hotel in Central Tokyo. Polaris said the expansion under the KOKO HOTEL Residence brand aligns with its growth strategy, increasing operational efficiency and brand recognition while enhancing shareholder value through fee-based management.