MBK HASTENS PATHUMWAN PRINCESS RENOVATION

       MBK is speeding up the Bt500-million renovation project for its 462-room Pathumwan Princess Hotel so it is ready to receive the rising number of tourists expected by the end of the year.
       Suvait Theeravachirakul, president and CEO of MBK, which operates the MBK shopping centre and the Pathumwan Princess Hotel, said the local tourism sector - particularly hotels - had been impacted heavily by several negative factors this year, especially the type-A (H1N1) influenza, which has been keeping tourists away.
       "The hotel is only running at a 70-per-cent occupancy rate, which is a significant drop from the more than 80-per-cent occupancy last year. However, we want to use this slowdown as an opportunity to renovate the property so it is ready for the expected recovery of the economy and the return of tourists," Suvait said.
       For the 2009/2010 fiscal year, MBK plans to allocate Bt2 billion for its ongoing projects, including the Bt800-million community mall on Rama IX Road, previously the Premier Rama 9 commercial complex; a hotel on Koh Samui; and a housing project in Pathum Thani.
       However, MBK will be more cautious in developing these projects and take it step by step.
       Earlier this year, MBK announced that it was halving its expansion budget for this year and focusing on other investments instead. The move was aimed at coping with the economic slowdown, which has been adversely affecting the company's hotel and tourism businesses.
       The company is postponing its remaining projects worth about Bt2 billion until next year, such as a 60-unit five-star hotel in Phuket and an 80-unit villa resort hotel in Samui.
       "Over the past two months, we have seen more tourists returning to Thailand and are quite optimistic about the coming high season. We expect hotels to enjoy at least 90-per-cent occupancy," Suvait said.