HOP INN to accelerate expansion in Asia-pacific - 4 new hotels to open in Japan as early as next year
"HOP INN, a renowned leading budget hotel operator in Thailand and Philippines, has announced its strategic investment plan of 10 billion baht for the expansion in Asia Pacific with its mission to achieve over 150 hotels and 14,000 keys operating across the region with expected revenue to grow by 4 times by 2030.
HOP INN operates under Erawan HOP INN Company Limited, a subsidiary of The Erawan Group Public Company Limited (SET: ERW), plans to expand HOP INN to 100 hotels in Thailand, 15 hotels in the Philippines, and 35 hotels in other APAC countries. The expansion will be executed either through M&A, newly built, lease and operate and franchise models.
Mr. Petch Krainukul, President of ERAWAN HOP INN said "after nearly a decade of successful operations of HOP INN brand in Thailand and the Philippines since its first established in 2014, now it is a time for significant shift of our business growth. With the leading position of budget hotel operator in both countries, we take pride in HOP INN's status as the preferred choice for both leisure and business travelers seeking budget accommodation. We are now exploring investment opportunities in other counties in Asia Pacific."
"The first move will start in Japan with an investment of 1.7 billion baht for the acquisition of 3 hotels and 1 long-term lease hotel, with total 373 keys expected to open by Q1/2024. 3 hotels are already secured, located in prime tourist destinations within Tokyo and Kyoto, and 1 hotel is potentially closing by September. Since Japan is the top tourist destination where hotel market is relatively stable with good recovery momentum, limited hotel supply growth, attractive financing cost and depreciation of Japanese yen, the lowest in 25 years, it presents significant growth potential and an attractive investment opportunity where we can expand our budget hotel portfolio", Mr. Petch added.
HOP INN is committed to expanding its quality accommodation across Asia Pacific in response to a growing demand for budget hotels. With a decade of experience, HOP INN is determined to continue delivering its service excellence and responding to customer expectations and future tourism trend for sustainable business growth.
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