Bangkok Billionaire Family Fuels Thailand’s $9 Billion Tourism Surge
Bangkok—Asset World Corp (AWC), a leading Thai hotel and mall developer controlled by the family of billionaire Charoen Sirivadhanabhakdi, aims to double its portfolio value to over 300 billion baht (approximately $8.9 billion) by the end of 2029. This ambitious expansion, announced by CEO Wallapa Traisorat, reflects optimistic projections for sustained growth in Thai tourism and the broader economy.
AWC’s current portfolio, valued at around 150 billion baht, includes hotels, office buildings, and shopping malls. Growth will be driven by a two-pronged strategy: acquiring existing properties and undertaking new construction projects. This strategy demonstrates AWC’s confidence in Thailand’s long-term economic prospects, particularly within the tourism sector, which has rebounded strongly post-pandemic.
Ms. Traisorat, daughter of Thailand’s second-richest man, explained the company’s rationale: «Thailand’s tourism industry has a very bright outlook with a strong recovery from the pandemic. We want to have better investment preparation for much better times in the years to come.» This optimism is reflected in AWC’s recent performance, with a 37% year-on-year surge in net profit for the fourth quarter of 2024, reaching 1.86 billion baht. This growth is largely attributed to increased tourism boosting room bookings and rental income.
The Thai government’s support for the tourism sector—including visa waivers for nearly 100 nationalities, including key markets like China—is significantly contributing to this resurgence. This aims to solidify Thailand’s position as a premier tourist destination, benefiting businesses like AWC.
AWC’s expansion is highlighted by its recent 8.7 billion baht investment in Le Concorde Hotel Co., adding a 45,792-square-meter office building and a 407-room hotel in Bangkok to its portfolio. This acquisition exemplifies AWC’s commitment to expanding its presence in key urban areas.
Currently, AWC’s portfolio (as listed on its website) comprises 22 hotels, nine shopping malls, and four office buildings, including The Empire Tower, a prominent Bangkok landmark and Thailand’s largest office complex. Planned investments for 2025 alone total approximately 22 billion baht, further demonstrating AWC’s commitment to rapid and sustained growth.
AWC, part of the TCC Group controlled by Charoen Sirivadhanabhakdi (whose net worth is estimated at $12.5 billion by the Bloomberg Billionaires Index), is well-positioned to benefit from the positive momentum in the Thai economy. The company’s aggressive expansion strategy, combined with supportive government policies, presents a promising outlook for AWC and reinforces Thailand’s position as a leading Southeast Asian tourism destination. AWC’s ambitious plans represent a significant vote of confidence in Thailand’s future and a strategic move to capitalize on anticipated continued growth in both tourism and the overall economy.
