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1 Sinovac Biotech s coronavirus vaccines are displayed at the Suvarnabhumi Airport Free Zone. The doses are the first lot of Covid-19 vaccines to arrive in Thailand. (Photo by Wichan Charoenkiatpakul)
Tourism-related stocks were sold off to take profit on Wednesday following the first shipment of Covid-19 vaccines to the country in what analysts are calling selling on fact , after speculation in advance of shipment caused shares to surge over the past few weeks.
Analysts believe tourism-related stocks including hotel operators, airlines, airports and hospitals will face a loss of at least 12 billion baht this year, likely not seeing profits until 2022.
Asia Aviation (AAV) shares, among the top 10 in trading volume, fell 0.74%, down 0.02 baht to close at 2.68 baht.
/ Posted on 25 February, 2021 14:55
Thai hotel developer Erawan Group is set to expand its portfolio in Thailand and overseas, with the aim of becoming the leading budget hotel operator in Asia-Pacific by 2025.
As part of a five-year plan (2021-25), the group targets to raise the number of its Hop Inn hotels in Thailand to 100 from the current 46, which will bring the total room count from 3,600 to more than 7,200.
Erawan Group plans to double the number of Hop Inn hotels in Thailand within the next five years
At the same time, the group has finalised deals to double its portfolio in the Philippines from five to 10 hotels, adding 937 rooms to the existing 843. The new properties will be situated in Cebu, Ortigas, Davao, Iloilo and North EDSA. An additional five new projects are underway.
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ERW to raise B3bn capital to support growth
published : 25 Feb 2021 at 04:00
1 Hop Inn hotel in Chiang Rai. Hop Inn hotel plans to double its portfolio in Thailand, rising to 100 hotels from 46.
SET-listed Erawan Group Plc (ERW) targets earnings growth for the Hop Inn brand by 2025 and plans to raise 3 billion baht in capital to support long-term growth.
Petch Krainukul, president of ERW.
Petch Krainukul, president of Erawan Group, said budget hotels under the Hop Inn brand should see a faster recovery than other segments, driven by domestic demand. The group is showing resilience amid the pandemic, said Mr Petch.