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Asset World Corp (AWC), listed on the SET, has invested over 5 billion baht in developing the Ritz-Carlton Bangkok at the Lhong 1919 Riverside Heritage Destination in Bangkok, with the goal of creating the most expensive hotel room rates in the city.
Wallapa Traisorat, AWC’s CEO and President, stated that the project aims to establish Bangkok’s premier wellness and luxury destination along the river.
Expected to be completed in 2028, the Ritz-Carlton Bangkok will occupy three plots, featuring 191 hotel rooms and covering a total of 50,400 square meters of gross floor area.
The primary location, at Lhong 1919 in the Klongsan district, spans 12,800 square meters or 8 rai, leased from the Wanglee family for over 60 years. This site will be developed into a 167-room hotel with a 425-square-meter ballroom, while preserving heritage Chinese buildings and the Mazu shrine on the premises.
Two additional plots, totaling 3 rai and located across the Chao Phraya River in the Songwat area, will host 24 exclusive rooms on one site, and restaurants and activity spaces on the other.
The hotel will also feature a private boat service along the Chao Phraya River and wellness retreat programs, according to Mrs. Wallapa. About 20% of the rooms are planned as large suites with two to three bedrooms and communal spaces, targeting long-stay guests. This approach, similar to the Bangkok Marriott Hotel The Surawongse, has proven successful in attracting visitors from China and the Middle East.
Additionally, there are plans to develop an exclusive Ritz-Carlton lounge at Asiatique.
Despite challenges in the Chinese market, AWC’s properties continue to perform well due to a diverse international clientele supported by global hospitality chain loyalty programs with over 650 million members. Revenue per available room (RevPAR) at InterContinental Chiang Mai increased by 56% year-on-year in the first quarter, indicating strong demand from high-spending tourists.
However, bookings from the MICE sector remain slow, especially in Bangkok, due to lingering concerns following the March earthquake and ongoing global uncertainties such as trade tariffs.
Upcoming projects include Jurassic World: The Experience at Asiatique, set to open next month and expected to attract an additional 30,000 visitors daily, and the Pattaya Marriott Resort & Spa, scheduled to launch later this month.
