The recently opened Grande Centre Point Sukhumvit 55 hotel is operated by LH Mall & Hotel Co, a wholly owned subsidiary of Land & Houses Plc.

LH Mall & Hotel Co (LHMH), the operator of Grande Centre Point hotels, will set aside 5 billion baht to either buy or lease land plots in prime Bangkok locations to develop new hotels this year.

Suwanna Buddhaprasart, chief executive of LHMH, a subsidiary of property developer Land & Houses Plc, said the hotel expansion is to cash in on opportunities arising from the sharp growth of international tourists, especially Asians and Americans.

The company is interested in two land plots in prime locations around Sukhumvit, probably Ekamai and Thong Lor, as there are many international guests in these areas.

Mrs Suwanna expects a surge in both occupancy and revenue for hotels in Bangkok as Asian tourists continue to make up the majority of guests. The number of Asian tourist arrivals in Thailand is rising, especially from China, Japan, South Korea, India, Hong Kong and Malaysia.

"The higher number of Asian and American tourists helps offset the potential loss of European tourists this year," she said.

Mrs Suwanna expects bookings by Asians at its hotels will grow 10% this year, while Americans will rise by 14%.

The company recently launched the 442-room Grande Centre Point Sukhumvit 55, featuring a Japanese onsen bathing facility by Let's Relax Spa. Japanese comprise 35% of guests at the new hotel, 30% are South Korean and the rest are Americans, Europeans and Thais.

Somchai Meesri, general manager of Grande Centre Point Sukhumvit 55, said while the hotel business in Thailand is highly competitive, his hotel has a lot of potential because it is located in the heart of Thong Lor, close to the skytrain station, restaurants, fashion boutiques and community malls.

"Accommodations in this area are mostly serviced apartments and there are very few hotels, so we expect our hotel will generate more than 420 million baht this year," he said.

LHMH's Grand Centre Point Group posted 2016 revenue of 1.75 billion baht, a 15% increase from 2015, while its occupancy rate averaged 85%.

The group is developing the 400-room Grande Centre Point Pattaya hotel, due to open in 2019. The Pattaya hotel will be the brand's first outside Bangkok.

Grande Centre Point Group has four hotels with 1,678 rooms in total and will reach 2,000 rooms when the Pattaya hotel is opened.