Sansiri strengthens its global vision by driving The Standard's aggressive international expansion of an additional 15 hotels in 5 years and the launch of One Night app in Asia
Bangkok, Thailand - As part of its recent expansion into the global hospitality, technology and lifestyle industries through an investment worth US$80 million in six global brands, Sansiri has announced the arrival in the Thai market of The Standard Hotels and Residences as part of its wider global expansion and Asia's first launch of the One Night spontaneous hotel booking app in Bangkok. The brands' move to Asia followed a rapid growth fueled by significant investments from Sansiri last year.
Apichart Chutrakul, Chief Executive Officer, Sansiri Public Company Limited, said: "In November 2017, we announced our investments in several global brands that are leaders in the hospitality, technology and lifestyle businesses as part of Sansiri's move to expand our collaborative, multi-disciplinary portfolio beyond real estate development. I'm delighted to share that only one year on, the investment has helped to fuel impressive growth that will see two of the brands -- The Standard and One Night -- expand into the lucrative Asian markets, with Thailand as their first port of call."
The Standard, considered the most powerful brand in the boutique hotel business, doubled its secured global footprint following Sansiri's acquisition of a 35% stake in the parent company for US$58 million. Ten properties are slated to open across the world including two in Thailand over the next few years, as part of its five-year plan to develop 20 hotels globally in thriving urban and intriguing resort locations, including London (opening Q1:2019), Paris, Milan, Berlin, Lisbon, Prague, Madrid, Chicago, Las Vegas, New Orleans, Atlanta, Dubai, Singapore, mainland China, Hong Kong, Taiwan, Bangkok, Phuket, Hua Hin, Jakarta and Bali.
Amar Lalvani, CEO, Standard International, said: "The arrival of The Standard brand in new locations across the world, including Thailand, will bring our unique approach to hospitality to many more people to enjoy. We create spaces that are culturally relevant to each market brought to life through our thoughtfully designed spaces and experiences for guests and locals alike."
"Our first hotel in Thailand will be in Phuket where we will also introduce the first Standard Residences product in partnership with Sansiri. Thailand is a particularly attractive market with the growth in visitor, and the fit with The Standard brand giving its thriving culinary, fashion and arts scene. We have chosen to open our regional office in Bangkok to oversee all of our operations in Asia and the Middle East."
With its existing portfolio of six properties and a combined 1,200 rooms (including the soon to open London property), The Standard generates annual property level revenue of approximately US$200 million, with an average occupancy rate of 85%, and 121% revenue per available room (RevPar) relative to its comparable set of hotels. Standard also has a very high percentage of direct bookings and repeat guests which are further indicators of the brand's strength relative to its competitors.
Jimmy Suh, President and Co-founder of One Night, said, "We are excited to announce the launch of Bangkok, marking One Night's expansion into Asia. As a 24x7 city that works hard and plays hard, Bangkok represents the ideal market for One Night - a last-minute hotel booking app offering a highly curated collection of the most sought-after independent hotels at the lowest rates."
"One Night celebrates spontaneous living and experiential travel catering to today's on-demand service economy. Moreover, hotels are becoming increasingly popular by locals who wish to escape their daily routine with a 'staycation' in their own cities."
In addition to Bangkok, One Night is operating in 15 major cities in the United States and London with over 170 independent hotels. One Night is projected to be in 30 cities by year-end 2019, including more cities in Asia and Europe.
"The strategic partnerships with such strong and exciting brands will strengthen Sansiri's core real estate business. Consumers will also benefit from having access to services provided by truly world-class leaders. The arrival of both The Standard and One Night in the Thai market marks another important step to be followed by several more in the future," concluded Chutrakul.