Standard Hotels to Open Four Properties in Thailand
"Growth is much faster in Asia," Lalvani said in an interview Thursday. "Thailand is our starting point and from here we are looking at opportunities throughout the region."
A surge in Chinese holidaymakers has stoked the expansion in Thailand's tourism sector, which now accounts for roughly a fifth of the economy. The industry suffered a setback in July after more than 40 Chinese tourists died when a tour boat sank off the coast of Phuket, highlighting the challenge of managing the boom. While the tragedy may curb visitor growth temporarily, the nation remains on course for record arrivals next year.
Thai developer Sansiri Pcl in 2017 acquired a 35 percent stake in Standard International for $58 million. Sansiri and other local investors will help fund Standard International's planned hotels in Bangkok, Hua Hin, Phuket and Koh Samui.