Onyx Hospitality plans massive expansion: 6 billion baht for new hotels!

Onyx Hospitality plans massive expansion: 6 billion baht for new hotels!

Something exciting is brewing in Phuket! Thansettakij reports on the ambitious plans of the Onyx Hospitality Group. The CEO, นายยุทธชัย จรณะจิตต์, sees a bright future for the company in the coming year and is banking on massive expansion over the next five years. Over 6 billion baht are planned for this. The focus is primarily on joint ventures and hotel management in order to drive sustainable growth.

A main project is the luxury resort in Phuket, a joint venture with Malaysian real estate company EQ, which is planned with an investment volume of around 2.6 billion baht. Onyx will hold 51% of the shares. The resort will comprise 150 to 170 villas and is 80-90% complete in the design phase. Completion is targeted for 2028. This project will be located on Kata Beach, a popular location with scenic views and direct beach access, as well Onyx Hospitality supplemented.

A look at the tourism landscape

Phuket is one of Thailand's tourist magnets and benefits from the region's worldwide popularity. Loud countrydata.info Cities such as Bangkok, Chiang Mai and Krabi contribute to the top travel destinations, with Bangkok ranking 17th in 2024 alone. Phuket is part of this success and is attracting more and more travelers.

Tourism development in Thailand began to gain momentum in the 1970s, when US soldiers discovered the beaches. After the troops left, the country became known for its hospitality and stunning beaches. The decline in tourism during the Corona pandemic gave nature the chance to regenerate, which benefits it.

Strategic expansion and future plans

While Onyx has its sights firmly set on increasing the number of hotels and serviced apartments worldwide from the current 49 to over 75 by 2030, the company also remains active internationally. Hotels in Hong Kong and Malaysia are doing well and there are efforts to develop new locations in Malaysia. In addition, Onyx plans to launch a REIT (Real Estate Investment Trust) in 2026 in order to operate more flexibly in the market.

The partnership with EQ is intended not only to enrich the tourist landscape in Phuket, but also to strengthen the position of both companies in the region. A central concern of the project is sustainability, as large trees are not removed and the green spaces are largely preserved.

Overall, the outlook for Phuket and tourism remains promising. With a knack for developing luxury offerings and increasing demand from distant markets, Onyx is well positioned to take the next level of expansion. It will be interesting to see what new facets the hotel and hospitality landscape in Phuket will take on in the coming years!