Centara Hotels & Resorts sets out 5 year vision and strategy for growth
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Following Centara’s recent announcement that it had strengthened its management team by welcoming back seasoned industry professional Markland Blaiklock, in a newly formed role of Deputy CEO, the group has now released its significant expansion plans for the next five years.
Centara is Thailand’s largest domestic hotel operator and continues to increase its international footprint, with 57 properties in operation or under development across 12 countries in Southeast Asia, the Indian Ocean, China, the Middle East and the Caribbean. The company operates a diverse portfolio ranging from 5-star luxury hotels in major cities to remote tropical island resorts and innovative value properties. It differentiates itself from competitors by offering gracious, Thai-style service; branded spas and restaurants with excellent reputations; and a variety of formats and service innovations that deliver quality and value to business and leisure travellers.
In 2017 Centara was active in Asia and the Middle East opening new hotels, signing management and joint venture agreements, and launching its new COSI lifestyle brand. It plans to continue growing, doubling revenue during the next five years by executing three, broad strategies.
Centara’s three strategies for growth:
- The company plans to expand its current portfolio, doubling the number of properties it operaties via new investments and management agreements. It will add hotels and resorts where tourism demand, the business environment, and synergy with existing company assets and customers offer the best strategic opportunities.
In geographic terms, Centara aims to become more prominent in Southeast Asian markets, the Indian Ocean and the Middle East, while expanding its footprint into East Asia, Africa, and the Caribbean. The company will also develop and expand new brands (such as COSI) to fill gaps in its hotel and resort portfolio.
“It plans to continue growing, doubling revenue during the next five years by executing three, broad strategies.”
- The company will identify and pursue new business opportunities outside its historic hotel and resort core. These related businesses – branded residences are an example – will leverage Centara’s hospitality competencies and competitive strengths, targeting new or growing markets through brand development or acquisitions.
- The company will strengthen its core infrastructure, including operating platforms, technology, and reputation. It wants its systems to be best in class to ensure business and service processes are efficient and effective. This includes improving the customer experience via websites, mobile apps, relationship management systems and loyalty programmes. Centara also aims to increase international brand awareness using mass media, new media, event and relationship marketing.
Thirayuth Chirativat, Centara’s Chief Executive Officer, remarked on the vision. ”We are entering a significant phase of growth. Centara has always been at the forefront of the hospitality industry in Thailand and with our concerted focus on expansion in both new and existing markets, we will become an even more prominent regional player in the coming years. With the dynamic and progressive management team we have in place, the future development and growth of the company is very exciting.”
Centara believes a clearly-articulated vision, well-designed strategies, and motivated people led by an experienced management team will achieve growth for the benefit of its shareholders, customers, partners and employees.
Questions & Answers
Q.What are Centara's primary goals for expansion in the next five years?
What are Centara's primary goals for expansion in the next five years?
Centara aims to double its revenue and the number of properties it operates. This will be achieved through new investments, management agreements, and expanding into new geographic markets like East Asia and Africa.
Q.How does Centara plan to strengthen its competitive position and customer experience?
How does Centara plan to strengthen its competitive position and customer experience?
The company intends to improve its core infrastructure, including operating platforms and technology. This involves enhancing customer experience through websites, mobile apps, and loyalty programmes, alongside increasing international brand awareness.
Q.Which new business areas will Centara explore outside its traditional hotel and resort operations?
Which new business areas will Centara explore outside its traditional hotel and resort operations?
Centara plans to identify and pursue new business opportunities beyond its core, such as branded residences. These will use its hospitality expertise to target new or growing markets through brand development or acquisitions.
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