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Centara Hotels & Resorts has signed a long-term lease agreement for the Centra by Centara Government Complex Hotel & Convention Centre, Chaeng Watthana.
Centara chairman Suthikiati Chirativat signed the agreement for the 204-room hotel and conference property in the Thai government community ten minutes from Bangkok’s Don Mueang International Airport.
Centara had managed the property for its owner, Dhanarak Asset Development Company, since 2011.
The 20-year, around THB1.2 billion lease deal with Dhanarak effectively turns ownership over to Centara.
“Centra by Centara Government Complex continues to play a vital role in the facilitating of official and government business in Thailand.
“Having managed this successful hotel and convention centre for six years the investment in a long term lease in this property was a logical step and supports our strategic plan to double Centara’s size within the next five years,” said Chirathivat.
Centra by Centara is one of the hospitality group’s six hotel brands.
The Centra by Centara Hotel & Convention Centre at the Government Complex offers ideal accommodations and meeting facilities for businesspeople, delegates and officials.
Its 24 meeting rooms, including the large Vayupak Grand Ballroom, can host a variety of large and small conferences and events simultaneously.
Hotel and conference facilities are integrated so that guests can easily walk between meeting and event venues, restaurants, and their hotel rooms.
The Centra by Centara property also hosts weddings and concerts.
The Government Complex in which the property is located is home to over 30 official departments and agencies.
It functions like a small town, including banks, retail shops, restaurants, clinics and other amenities.
Dhanarak Asset Development Company, the property’s original owner, was established by the Thai ministry of finance to build and manage the Government Complex.
Centara has ambitious plans to eventually renovate both the hotel and its attached convention centre.
Over the next five years, Centara Hotels & Resorts aims to double its size with additional properties in Thailand and its new international markets, while spreading its footprint into new continents and market niches.
Source: breakingtravelnews.com