Centara heads for the top table

Image © Centara Hotels & Resorts
Thai hotel group Centara has set itself a growth target that will ensure it jumps into the top 100 of global hotel companies by 2027, as it looks to expand across key Asian markets

Thai hotel group Centara has declared 2024 will be a momentous year for its business, as it gets busy working through an ambitious development strategy, heading towards its target of joining the top 100 global hotel operators by 2027.

The new impetus comes following the pandemic, and after Centara celebrated 40 years in business, during 2023. The fundamental strength of the business was underlined by a string of industry awards, which included its Centara Grand being named Thailand’s strongest brand.

Improving performance

The group grew revenues 52% year on year in 2023, reflecting strong growth in its operating portfolio, and a revpar figure up 19% as both occupancy and room rate strengthened. During the current year, Centara expects occupancy to improve further, breaching an average of 70% through the year.

During 2024, Centara has six hotel openings planned. Three of these are in Thailand, including Centara Life Lamai Resort Samui, Centara Villas Phi Phi Island, and Centara Life Surat Thani. It will also add two new properties in Laos, and Centara Mirage Lagoon Maldives.

“2023 was a pivotal year for Centara as we celebrated our 40th anniversary, moved into new markets and achieved an upsurge in performance,” commented Centara CoO Michael Henssler. “We will build upon these foundations in 2024, introducing our diverse brands to key cities and resorts across the Asia Pacific and the Indian Ocean, while also strengthening our position as Thailand’s leading hotel group with new properties in secondary and tertiary destinations.”

Flagship refurbishments

The group’s two flagship properties, Centara Karon Resort Phuket and Centara Grand Mirage Beach Resort Pattaya, will relaunch in 2024, following extensive renovations. Centara will then turn its attentions to Centara Boutique Collection, one of six brands in the group, as it seeks to expand its presence across Thailand, the Maldives, Japan, Indonesia and China.