Baiyoke Group plans to spend over 1 billion baht to expand its hotel and food business from now until next year.
The lion's share will be spent on building Bangkok Midtown hotel on a 10-rai plot on Phetchaburi Road.
The 100-room budget hotel targeting Chinese tourists is due to open in the middle of next year, said Jarujit Baiyoke, assistant to the chairman of Baiyoke Group.
After that the group will start the construction of a four-star hotel with 80 rooms on Ratchadaphisek Road by the end of next year.
Baiyoke also plans to hold the grand opening of Baiyoke Seacoast Samui in tambon Bophut, Koh Samui next year. The group took over the resort from the wife of Mitsuo Shibahashi, formerly known as Phra Mitsuo Gavesako.
"The resort is now under renovation but is still open for business with over 80 rooms and villas," she said.
Apart from the hotel expansion, Ms Jarujit said the group also planned to expand its food business by operating the franchise of South Korea's Sweet Monster soft ice cream.
It currently has Sweet Monster outlets at J Avenue on Thong Lor Soi 15 and Siam Paragon.
Ms Jarujit said the group received the master franchise rights to operate Sweet Monster in Thailand for three years and can renew the contract every three years.
It plans to open five Sweet Monster branches within the next three years with its own investment and will expand the business on a franchise basis as well.
"Thailand is the first expansion country for Sweet Monster. My father [Phanlert Baiyoke] came across it by accident in South Korea and I also love it. I knew about it since I spent time studying hotel management there," she said.
The group has diversified into the ice cream business because investment costs are low compared with hotels and they can break even in a short time.
Baiyoke Group knows food and beverage is a major revenue contributor to its earnings. The ice cream venture will help drive the growth of Baiyoke's food and beverage business, which began four years ago.
Baiyoke Food and Beverage Co has four brands in its portfolio: Orchard Chicken Rice, Misokutsu Yabaton deep fried pork with rice from Nagoya, Yamachan Japanese restaurant, and Sweet Monster.