SINGAPORE, 1 November 2023: ONYX Hospitality Group outlined its expansion plans during the sales team’s visit to ITB Asia last week, confirming the Bangkok-based hotel group targets a portfolio of 50 hotels by 2025 and 70 by 2028.
That’s an ambitious target given the group has just two years to accelerate management deals to raise the count from the present 44 properties to 50, then the big leap to 70 by 2028. In today’s hotel environment, competition is tough, and hotel owners are in no hurry to negotiate management terms, given the surge in leisure travel demand driving direct business.
ONYX’s management deals are spread out over Thailand, Malaysia, China, the Maldives, Bangladesh, and Laos under four brands – Amari, OZO, Shama, and Oriental Residence.
Notable recent additions include the Amari Raaya Maldives, which welcomed its first guests in Q3 2023. Amari Colombo, Sri Lanka, will follow, opening its doors in 2024. According to the group’s press statement, nine more properties are in the pipeline, with eight slated to make a debut in 2024.
ONYX is exploring opportunities in Hong Kong and says it is set to witness significant growth in Malaysia and Thailand in 2024. Looking beyond 2024, ONYX has its sights set on Indonesia, with plans to gain management contracts in Bali and Jakarta.
The group’s flagship, Amari Watergate Bangkok, drops “Watergate” from its name after more than 30 years as a rebranding and upgrade gets underway, including the introduction of new restaurants in 2024.
