What's Happening?
IHG Hotels & Resorts has announced plans to open its first standalone InterContinental branded residences in Bangkok by 2029. The development, named InterContinental Residences Bangkok Asoke, will feature
88 residential units and is located in the Asoke neighborhood, a central area within Bangkok's Central Business District. The project is part of IHG's strategy to expand its presence in the branded residential market, where it currently has over 30 developments globally. The residences will offer a range of two, three, and four-bedroom units, with sizes varying from approximately 139 to 547 square meters. Facilities planned for the property include a swimming pool, fitness center, yoga studio, co-working spaces, and more.
Why It's Important?
The introduction of standalone branded residences by IHG in Bangkok signifies a strategic expansion into the lucrative branded residential market in Asia Pacific. Thailand is a leading market for such projects, accounting for 23% of existing activity in the region. This move could enhance IHG's competitive edge in the hospitality industry, particularly in a region where the demand for luxury residential options is growing. The development aligns with IHG's broader strategy to increase its footprint in the region, potentially boosting its market share and brand recognition.
What's Next?
The collaboration with CG Capital, a subsidiary of Central Group, represents a strategic partnership for IHG as it seeks growth opportunities in the Asia Pacific region. The project is expected to be completed by 2029, adding to IHG's existing portfolio of branded residences in the region. As the development progresses, IHG may continue to explore similar opportunities in other key markets, further expanding its presence in the branded residential sector.
Beyond the Headlines
The expansion into standalone branded residences reflects a broader trend in the hospitality industry towards offering more personalized and luxurious living experiences. This development could set a precedent for other major hotel chains to follow suit, potentially reshaping the landscape of luxury residential offerings in urban centers.
