HOP INN Targets 2030 IPO Spin-Off and Expands into 3 New Countries, to be Leading Budget Hotel in Asia-Pacific

HOP INN, Thai budget hotel chain with over 70 branches and more than 7,000 rooms across 3 countries, developed and operated by Erawan Hop Inn Co., Ltd., a subsidiary of The Erawan Group Public Company Limited, aims to expand its hotel network into at least 3 new countries in the Asia-Pacific region and continues to be the largest hotel network in Thailand. HOP INN has embarked on high pace expansion plan in Thailand, Philippines and Japan with the goal of growing and maintaining loyal customer base. HOP INN targets an average annual revenue growth rate (CAGR) of over 15%, aiming to become the number one budget hotel network in the Asia-Pacific by 2030.

Ms Pichanun Boonpromgul, President, Hotel Investment said, "This year marks the 10th anniversary of HOP INN. Over the past decade, we have successfully followed our plans for expansion and maintained service quality. We have set an ambitious goal for 2030 to become the best budget hotel network in the Asia-Pacific region. This year, HOP INN Japan opened 4 locations Tokyo and Kyoto, while HOP INN Philippines now operates 10 branches across 3 major islands. We have received positive feedback and expanded our customer base from various countries across different continents. This gives us confidence to achieve our expansion plan."

"To enhance HOP INN's capabilities and prepare for long-term investment plan, the Spin-off plan has been approved by the Board of Directors of The Erawan Group Public Company Limited. We have set action plan as milestone until 2030. We have a strategic partner, Lapis Hospitality Pte. Ltd., managed by Lombard Asia V, L.P., which has invested 16.09% in HOP INN, equivalent to 700 million baht. This partner brings extensive investment experience, strengthening our ability to elevate HOP INN to become the top budget hotel in the Asia-Pacific. We anticipate filing the company for listing on Thai stock exchange in 2027, aiming for an initial public offering (IPO) to support our long term expansion plan," Pichanun said.

Ms Nalinee Krisadavivat, President, Hotel Operation said "HOP INN aims to make every journey easier for everyone. We strive to provide our customers with convenience along customer journey, convenient location, easy to book, comfortable stay and affordable. We place the highest priority on consistency in all aspects, delivering a great experience both before and after their stays. We own and manage all our hotels to ensure same quality across the entire network. Additionally, 95% of our hotels are newly built, ensuring uniformity in design and service standards. No matter which country or branch you stay, whether it's a newly opened or one that has been operating for 10 years, you will have the same experience. 'Consistency is Yours' this commitment comes from the dedication of our entire team throughout past 10 years and become our promise for our customers from now on. Every year more than 2.5 million customers stay with HOP INN. We sincerely thank you for your support. HOP INN is ready to deliver quality service everywhere we go. We are confident that our brand will gain international recognition."

About HOP INN

ERAWAN HOP INN Company Limited ("HOP INN"), a subsidiary of The Erawan Group Public Company Limited, currently operates budget hotels with 57 branches in Thailand, 10 branches in the Philippines, and 4 branches in Japan. ERAWAN HOP INN continues to expand HOP INN hotels in Asia Pacific, maintains its competitive advantage and strengthens leading position as the most consistent budget hotel network in Asia Pacific. For further details, please visit our website www.hopinnhotel.com