Mr Thirayuth says the company's revenue could rise to 20 billion baht after 2022.

Centara Hotel and Resorts has committed to operate as many as 134 hotels, up from the current 76 properties, once a five-year growth plan is completed.

The 134 properties will include owned and operated properties and hotels run under the company's management agreements.

Centara is in the second year of the strategic plan that runs during 2018-22, aiming to spend 20 billion baht to increase the number of properties and make renovations to existing ones.

Thirayuth Chirathivat, chief executive of Centara Hotels and Resorts, said that after the plan is completed, revenue could rise to 20 billion baht a year from 9 billion in 2018.

Properties that are part of renovation plans include Centara Grand at CentralWorld in Bangkok and Centara Grand Beach Resort Samui in Surat Thani.

The company intends to use 700 million baht to partly refurbish facilities at Centara Grand at CentralWorld in the third quarter onwards. The facelift will not affect hotel operations, Mr Thirayuth said.

Centara Grand Beach Resort Samui will close in June for a rebranding process under a budget of 1.2 billion baht and resume services next year.

Apart from renovations, the 20-billion-baht budget will be used to develop new properties.

This year, Centara will launch a new Cosi hotel in Pattaya and begin operating two new hotels under management agreements in Chon Buri's Sri Racha district and in Krabi province.

More expansions are being considered, especially in second-tier provinces, Mr Thirayuth said.

Overseas, Centara has signed a contract to manage a hotel in Qatar that officially opened in February. Another contract in the country will be made some time next year.

Mr Thirayuth (4th from left) and executives celebrate the company's 36th anniversary. (no photo credit)

In April, Centara signed contracts with six Myanmar hotels located in Nay Pyi Taw, Nyaung Shwe and Taungoo as part of the company's attempt to expand business in Asean countries after opening in Laos and Vietnam.

"We have placed our focus on operating hotels in the Middle East and Asia first," Mr Thirayuth said, adding that expansion into Europe is also on the cards.

Centara Hotels and Resorts is a unit of SET-listed Central Plaza Hotels, which operates two main businesses, hotels and food.

The company is celebrating its 36th anniversary this year, with heavy promotional campaigns to attract visitors.

The slow global economy and declining tourist arrivals from China have affected hotel operations, decreasing average occupancy rate of the company's hotels in the first quarter to 83% from 85% last year.

But Mr Thirayuth voiced confidence that the situation would improve in the second half and revenue would meet the target of 5-7% growth from the 9 billion baht received last year.