Standard completes new residential projects

One of the major hotel chains, Standard International, plans to launch two residences complexes under its brand on Is. Phuket and in Hua Hin, and to open five new 600-room hotels in four destinations in Thailand between 2023 and 2026 to capitalize on steady demand.

One of the new branded residences projects will be located in Laguna on the island. Phuket is the company's third project after Miami and Lisbon. "The Standard Residences, Phuket Laguna will be developed by a subsidiary of Central Group," said Boripat Luichareon, Standard International's executive director for the Asia-Pacific and Middle East region. "The area will also have retail space with restaurants and bars for outside guests, and The Peri Phuket, one of our hotel brands, with 150 rooms, will open by 2026. "

The launch of the project on the island. Phuket is scheduled for the fourth quarter of 2023. The residences will be low-rise buildings with a total of 222 units, ranging in size from one bedroom 55-square-foot units. m to two-storey apartments of 270 sq. m. м. The main buyers will be foreigners, in particular Chinese and Russians, who are interested in real estate on the island. Phuket. The company and its partner are looking at a rental pool program where the residences are managed like a hotel room.

In the first quarter of 2024, Standard International will launch its second branded residences project in Hua Hin.

The Chief Executive Officer of Standard International, Amar Lalwani, said the expansion of The Standard Residences in Thailand is a result of the successful launch of the first project, The Standard Residences Midtown Miami, which has achieved 80% sales rate. In Thailand, the company plans to open two hotels under The Standard brand in Pattaya and Khao Yai with 100 rooms each in 2024 and 2025, respectively. Three hotels under The Peri brand will also open: 62 rooms next to the Chao Phraya riverfront near Phra Artit Marina in 2024, a facility with approximately 180 rooms on Sukhumvit 24 in 2025, and another 150 rooms at Lagoon on the island. Phuket in 2026.

"Before the pandemic, many hotels in Asian countries relied heavily on Chinese tourists. However, as they have adapted and are no longer completely dependent on the Chinese market, they no longer need to rely on Chinese visitors alone," Mr. Lalwani said.

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