ALL SEASONS Property (ASP) has set aside some one billion baht (US$33.5 million) for the five-year upgrading programme of All Seasons Place and Conrad Bangkok, which celebrated its eighth anniversary on Monday.
ASP managing director, Frankie Bao, said the programme would revamp both the property’s software and hardware, to maintain competitiveness amid growing competition from other luxury and mixed-use properties.
Some 40 condominium units are currently under renovation, slated for completion by the middle of next year.
Bao said ASP was carrying out a feasibility study for the upgrading of security systems and lobbies at office buildings in All Seasons Place, as well as a proposed three-year renovation plan for the hotel.
According to Bao, the Conrad Bangkok had been running at an average occupancy of about 60 per cent year-to-date, and was on course to end the year at around 60-65 per cent, up from the 50 per cent recorded last year.
Barring further crisis, Bao said the hotel’s occupancy was expected to exceed 70 per cent next year, but added that it would take longer to raise the average room rate to its previous highs.
Bao is expecting the rate to grow from its current 4,500-4,800 baht to more than 6,000 baht within the next three years, when the number of luxury hotels in Bangkok stabilises.
In the first three to four years of operation, the Conrad Bangkok recorded above 80 per cent occupancy and an average daily room rate of more than 6,000 baht.