Mrs. Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited (SET: AWC), revealed that the company is collaborating with Marriott International to construct a hotel “The Ritz-Carlton Bangkok, The Riverside,” worth THB 5 billion, to help preserve cultural heritage sites near Chao Phraya River, such as “The Lhong 1919 Riverside Heritage Destination” and the area near Song Wat road.
The first pillar laying ceremony will be held near the Mazu Shrine. This hotel will be developed into the Integrated Wellness Destination and a world-class luxury service center, covering services from top restaurants to innovative tourism.
The project “The Ritz-Carlton Bangkok, The Riverside” consisted of 3 parts. First is the Ritz-Carlton Bangkok, The Riverside, Lhong 1919, a 167-rooms section with a 425 square meters ballroom. Second is The Ritz-Carlton Bangkok, The Riverside, Song Wat Shophouse, a 24-rooms section. And Finally is The Ritz-Carlton Bangkok, The Riverside, Song Wat, which includes a parking lot building and a section with a 420 square meters conference room.
AWC speculated that this project’s will be ready to launch by 2028. The company planned to target quality tourists and MICE.
Mrs. Wallapa stated that the collaboration meant to bring The Ritz-Carlton, a worldwide ultra luxury brand, to this culturally rich destination. The first pillar laying of this project will significantly reflect the AWC’s effort in creating long term sustainable growth with value through quality project development.
The project also aims to create a unique experience in holistic healthcare that will revolutionize urban relaxation into a world class resort in the heart of Bangkok and support sustainable tourism to attract world wide quality tourists to Thailand.
Mrs. Wallapa also added about the company’s 2Q25 performance as it has slowed down when compared to 1Q25 due to the low season of the tourism sector in Thailand. AWC also waited for its assessments on the situation in the economic and the tourism sector again to see whether the company’s overall performance has slowed when compared to the same period last year.
Back in 1Q25, the company recorded a positive performance with a net profit of THB 1.97 million, a 24% increase, breaking a new record, and a revenue of THB 6.19 billion, a 13.6% increase. This is due to the GROWTHLED strategy that focuses on creating continued growth from operating results, including Average Daily Rate, Revenue Per Available Room, and Occupancy Rate.
Mrs. Wallapa stated that Thailand’s economy has slowed down while the number of Chinese tourists is dropping. Nonetheless, Thailand is fortunate to still be an international tourist destination, which helps compensate for the loss. AWC also viewed it as a great opportunity to push several projects to attract tourists.
For example, the 6,000+ square meters project, Jurassic World: The Experience at Asiatique The Riverfront Destination, is scheduled to be open this quarter with visitors expecting to reach 30,000 per day. There is also the 289 rooms resort project, Pattaya Marriott Resort and Spa, which is scheduled to be open next week on June 20.
