AWC’s Ambitious Support for Thai Tourism Delivers Record-Breaking Operating Profit and Net Profit in 2023, Marking Five New Highs, Paving the Way for Sustainable Growth

28 February 2024
  • Net profit reached 5,105 million baht and BU EBITDA reached 10,639 million baht, marking growth of 28.2% and 26.6% respectively year-on-year.
  • Hospitality Business Unit achieved outstanding Revenue Per Available Room (RevPAR) at 3,658 Baht, a 54.8% increase, and Average Daily Rate (ADR) reaching 5,661 baht, up by 17.4% year-on-year.
  • In 2023, AWC generated asset value growth exceeding 20,000 million baht, comprising approximately 6,000 million baht from new operating assets and over 14,000 million baht from approved investment projects.
  • In 2024, AWC aims to generate an asset value exceeding 36,000 million baht. This includes the launch of 18 new operating projects valued at over 19,000 million baht and investment projects in the approval process, seeking an additional 17,000 million baht to support the GROWTH-LED Strategy.
  • AWC aims to double its asset portfolio value within 5 years with investment of 126,000 million baht.

29 February 2024, Bangkok, Thailand – Mrs. Wallapa Traisorat, Chief Executive Officer and President, Asset World Corp Public Company Limited or AWC, today announced the company’s 2023 robust operating results with 19,011 million baht in total revenue, marking growth of 30.9% year-on-year and exceeding pre-COVID 2019 levels. The 2023 performance also marked five New Highs: 1) Net profit skyrocketed to 5,105 million baht, up 28.2% year-on-year. 2) BU EBITDA (Business Units’ Net Operating Profit) reached 10,639 million baht, up 26.6% year-on-year. AWC has successfully maintained BU EBITDA’s growth rate throughout the past four years (2020-2023, with the average annual growth rate of 74%. This impressive performance reflects the company’s cost-management efficiency as well as its balanced and diversified portfolio. The Hospitality Business Unit performed remarkably well with 3) RevPAR peaking at 3,658 baht, a 54.8% increase year-on-year while 4) ADR jumped to 5,661 baht, or by 17.4% year-on-year. 5) In 2023, AWC generated asset value growth exceeding 20,000 million baht, comprising approximately 6,000 million baht from new operating assets and over 14,000 million baht from approved investment projects. There are nine new operating assets, consisting of three hotels and six restaurants contributing to AWC’s cash flow and profitability, enhancing profit potential through sustainable operations and approved investments, including the investment in Hotel Plaza Athénée New York. The total property portfolio's value stands at 146,799 million baht, a 52% increase compared to the pre-COVID-19 situation in 2019. Operating assets amounted to 108,202 million baht.

Key Performance in 2023

In 2023, AWC celebrated a remarkable year with robust growth across all business units, notably the Hospitality Business Unit. The company’s Bangkok-based hotels, outside Bangkok hotels, and luxury resorts all performed exceptionally well, benefitting from the increase in international arrivals in Thailand, particularly in the high-to-luxury segment of Free Individual Travelers (FITs). As a result, AWC's hotels achieved new highs for RevPAR and ADR, with the occupancy rate reaching 64.6%. The Revenue Generation Index (RGI) was higher than hotels in the same category in nearby locations. For example, the hugely popular Courtyard by Marriott Phuket Town’s RGI was 213.5 while Bangkok Marriott Hotel The Surawongse’s RGI was 188.7 and Banyan Tree Krabi Hotel’s RGI was 146.4. AWC continuously enhanced and increased its quality operating assets. This included the launches of several leading hotels and restaurants in Bangkok and Chiang Mai. For example, AWC launched InterContinental Chiang Mai The Mae Ping as the first luxury hotel under InterContinental brand in Thailand’s North. It also opened the Chiang Mai Marriott Hotel as the largest premium facility for MICE in the region. INNSiDE by Meliá Bangkok Sukhumvit, the first outlet of this hotel chain in Thailand, was also launched by AWC. Moreover, the company opened several new restaurants including The Crystal Grill House, The Siam Tea Room, Asiatique Ancient Tea House, Kissuisen, Yue Restaurant and Bar, and Cafe Pittore. The approved investment of the Hotel Plaza Athénée New York which will be developed into the luxury Plaza Athénée Nobu Hotel and Spa New York, connecting with Plaza Athénée Nobu Hotel & Spa Bangkok in Thailand, will also expand AWC’s footprint together. As of the end of 2023, AWC boasted 22 hotels with 6,029 rooms and a diverse restaurant outlet located within hotels and various popular travel destinations across Thailand.

The Retail Business Unit bolstered the potential of its shopping destinations through ongoing improvements in marketing strategies. Pop-up events like the world-class Disney100 Village at Asiatique successfully attracted tenants and customers, leading to an increased number of returning consumers compared to the same period in the previous year. Meanwhile, the Commercial Business Unit continued to make progress in optimizing its capacity to meet the evolving needs and lifestyles of current and future consumers. For example, “The Empire Residence” was created as a Co-Living Space at The ‘Empire’. Covering more than 1,500 square meters of space, it is the vast and distinctive Co-Living Space in Thailand’s office-building industry. Moreover, AWC forged partnerships with three Michelin-starred chefs to enhance dining experiences via three restaurants in the “EA CHEF’S TABLE” on the 56th floor, which is a part of “EA Rooftop at The Empire”. The collaboration aims to establish Bangkok as a top global F&B destination. AWC's Commercial Business Unit consistently generated cash flow by providing Grade A office buildings in prime CBD locations in Bangkok.


AWC remains committed to its GROWTH-LED Strategy, focusing on the development of premier destinations to support Thailand's sustainable tourism. Aligned with its five-year strategy, AWC is set to allocate over 126,000 million baht for investments. With a robust debt capacity, AWC can execute further investments without the necessity of raising additional capital from shareholders. The strategic investments aim to double the value of its asset portfolio within five years. These investments will primarily target key tourist destinations in Thailand, guided by operational principles that involve transforming real estate projects into expansive flagship mixed-use developments, becoming AWC's Lifestyle & Workplace Destinations, which blend hotels, office buildings, shopping centers, and community malls together to comprehensively fulfil customers’ lifestyles. Each destination will include attractions, food & beverage, and a lifestyle market through collaborations with world-class partners. AWC intends to combine its strengths with its leading partners both in Thailand and overseas for synergy. The long-term flagship projects in the pipeline are the Weng Chinatown Destination Project, the Aquatique Destination Project, the Asiatique District Project, and the Lannatique Destination Project.

In 2024, AWC plans to strengthen its portfolio with over 18 projects spanning across all Business Units. The Hospitality Business Unit will feature notable projects such as the Fairmont Bangkok Sukhumvit Hotel, Pattaya Marriott Resort & Spa Hotel and the Luxury Lifestyle Hotel in Pattaya. The launch of "The Journey of A River" by The Okura Prestige Bangkok is set to provide a distinctive dining experience on a luxury cruise along the Chao Praya River. The Commercial Business Unit will unveil key projects, including the EA Rooftop at The Empire, positioned as one of the world's largest rooftop F&B destinations. This project encompasses EA Gallery, showcasing leading international-cuisine eateries with breathtaking views of Bangkok, EA CHEF'S TABLE, featuring three restaurants by Michelin-starred chefs, and Nobu Bangkok, not only Thailand's first Nobu outlet but also the world's largest and highest Nobu restaurant. The PANTIP LIFESTYLE HUB, launching with fresh renovation on February 28th under the theme "EVERY HAPPINESS FOR EVERYONE," aims to become a landmark for diverse entertainment activities and a Food Lounge center surrounded by a natural atmosphere. This will serve as a lifestyle destination for families, part of the Lannatique Destination in Chiang Mai. Additionally, AEC FOOD WHOLESALE PRATUNAM is set to launch this year.

“Currently, AWC is strategically advancing in alignment with the GROWTH-led strategy, aiming for continued expansion. In 2024, three significant projects have gained approval from the Board of Directors and are ready to be presented for shareholder approval for investment. These projects involve high-quality properties in prime locations within two renowned tourist destinations - Bangkok and Chiang Mai. The projects include the development of O.P. Garden in Bangrak, connecting with the Plaza Athénée Nobu Hotel & Spa Bangkok enhancing tourism destination along the Chao Praya River, targeted to open in the fourth quarter of 2027. Another notable project is situated in the vibrant Sukhumvit 38 Road area, a trendy lifestyle hub in Bangkok, focusing on a wellness-themed hotel, targeted to operate in the third quarter of 2028. There are further investments in Chiang Mai's Chang Klan area, contributing to the "Lannatique Destination" mega project. This initiative aims to enhance value and bolster Chiang Mai's reputation as a global sustainable tourism destination. When combined with ongoing projects scheduled for operation this year, the total investment value is estimated to exceed 36,000 million baht,” Mrs. Wallapa disclosed.

In 2023, AWC proudly achieved a significant milestone for Thailand’s presence on the global stage by achieving the No. 1 sustainability score in the Hotels, Resorts & Cruise Lines industry from S&P Global. Moreover, AWC was selected as a member of the Dow Jones Sustainability Indices (DJSI) 2023 in the Emerging Markets. Committed to sustainable growth, AWC launched the "AWC Stay to Sustain" Project in collaboration with the Tourism Authority of Thailand and the Mae Fah Luang Foundation under Royal Patronage. This initiative, undertaken in partnership with all affiliated hotels, focuses on conserving and contributing to the reforestation of the community forest to enhance biodiversity and empower local communities for sustainable income generation. AWC aims to contribute to the long-term development of the Thai economy, create value for stakeholders, and position Thailand as a global sustainable tourism destination. This underscores AWC's commitment to its sustainability strategy and its vision of "Building a Better Future."