ONYX Hospitality Group Drives Further Expansion in Southeast Asia, with 11 New Properties in the Pipeline and aims to generate THB 8.8 billion in Revenue in 2023
Bangkok, Thailand. 3 February 2023 – ONYX Hospitality Group sets its sight to further grow its portfolio in Southeast Asia under a “Quality Growth, Quality Partnerships” strategy as its journey to recover and grow its footprint with 11 hotels, resorts and serviced apartments in the pipeline and raise this year’s revenue to 8.8 billion baht.
Mr. Yuthachai Charanachitta, Chief Executive Officer of ONYX Hospitality Group –which operates hotels, resorts and serviced apartments under Amari, OZO and Shama brands, said that, “The Group has launched the ‘Quality Growth, Quality Partnerships’ strategy to further strengthen its business in Thailand and overseas, particularly in Southeast Asia.Post-pandemic, the tourism industry in this region was one of the first to bounce back and as travellers and expatriates are eyeing the region for their holidays, business or new homes, ONYX with our core brands Amari, OZO and Shama are poised to capture and boost growth in each segment.Under the strategy, Quality Growth plays to ONYX’s strengths with its Thai roots and extensive regional experience eyeing Thailand, Malaysia, Hong Kong and Maldives as part of its strategic destinations for investment and expansion in 2023.“
Malaysia, in particular is a significant market for ONYX, given its large size and high purchasing power, including the large number of inbound business travellers. By the end of this year, with the opening of Shama Johor Bahru and Shama Medini, ONYX will have all three of its core brands -Amari, OZO and Shama in Malaysia; the first country outside of Thailand.
Quality Partnerships are considered a key success factor for ONYX Hospitality Group that seeks to grow business through strategic long-term partnerships. The strategy is in line with the current business trend that see investors wanting to reinvigorate their businesses with assistance from strong brands. ONYX Hospitality Group believes the diverse portfolio of assets for all target groups and established recognition built on flexibility, accessibility and adaptability helps gain trust from both local and foreign investors such asBuriram United, SP Setia in Malaysia, JR Kyushu from Japan, Tai Hung Fai from Hong Kong, and Panchshil from India.
ONYX Hospitality Group’s portfolio consists of hotels, resorts and serviced apartments under 3 brands: Amari, its upper-upscale brand that aims to deliver memorable experiences to hotel guests; OZO, the lifestyle hotel brand that focuses on delivering a great night’s sleep and fun; and Shama, the serviced apartment brand for expatriates and long-stay customers.
ONYX Hospitality Group’s portfolio includes 44 properties across Thailand, Malaysia, China including Hong Kong, Maldives, Bangladesh and Lao PDR. From which, 18% are invested by the group and 82% under management contracts.
Under development, Amari is undergoing a strategic renaissance to deliver new experiences to meet evolving guests needs. Overseas, the brand will soon be officially unveiling the Amari Kuala Lumpur and Amari SPICE Penang in Malaysia as well Amari Raaya Maldives which is slated to open this summer.
Under the OZO brand, in addition to properties in Pattaya, Koh Samui and Phuket, and Penang, OZO Medini will be opened in Medini Iskandar, Malaysia. Under the Shama brand, with 6 current properties in Bangkok and 10 in China including Hong Kong, the Group is set to open two properties in Malaysia,Shama Johor Bahru and Shama Medini this year.
”In addition to its expansion plan, ONYX Hospitality Group’s properties, both owned and managed are expected to generate THB 8.8 billion in revenue in 2023, or a 60% increase from the previous year,” said Mr. Yuthachai.