This hefty investment comes as part of IMPACT’s masterful expansion strategy, closely tied to a visionary 100-billion-baht government mega-project that aims to create an entertainment complex of epic proportions. However, the plot thickens as IMPACT’s CEO, Paul Kanjanapas, reveals a twist. Due to the murky waters of uncertain government policies, the company is shifting its spotlight from the entertainment complex to hotel development. “The timeline for the entertainment complex project remains an enigma,” Kanjanapas unveiled, emphasizing that IMPACT isn’t twiddling its thumbs in the meantime. The company is hitting high notes by expanding Mueang Thong Thani to welcome an increasing number of MICE tourists.
This audacious investment will orchestrate the addition of a thousand rooms this year alone, including a luxurious five-star hotel with more than 300 rooms, and a glamorous four-star hotel boasting over 600 rooms. The vision? To serenade the issue of insufficient accommodations for major events, planning a crescendo that will swell to 5,000 rooms by the year 2035.
Currently, IMPACT’s repertoire includes the Novotel, offering 380 rooms, and the Ibis, with 550 rooms. Occupancy rates are hitting a harmonious 50 to 60 percent, underscoring the growing demand. To bankroll this ambitious expansion, IMPACT plans to sell these properties to the trust, aiming for returns of 2 to 2.5 billion baht. Excitingly, they’re forecasting a harmonious 25% revenue growth for the IMPACT Growth REIT in fiscal 2024, powered by a crescendo of MICE events and concerts. The IMPACT Arena is already basking in the glow of 20% year-on-year growth, recording bookings that echo pre-pandemic glory days.
The stage is set for IMPACT to claim its title as Asia’s premier MICE tourism destination. This renaissance will be further bolstered by the introduction of two new Pink Line electric train stations opening in May, connecting more guests to the epicenter of events. With nearly 10 million visitors last year, IMPACT is striking a chord with emerging markets, particularly courting audiences from China and India to cement its global presence.
Parallel to IMPACT’s ambitious symphony, Thailand itself is tuning up its events infrastructure, aspiring to amplify its repertoire of international sports and entertainment. Tourism and Sports Minister Sorawong Thienthong proposes an overture that could turn Bangkok’s National Stadium into a modern, multi-purpose venue, wielding the potential to host global sports tournaments and captivating concerts. Sorawong is bridging the gap between Chulalongkorn University, the proud proprietor of the stadium, and eager private investors, seeking to revamp the National Stadium along with the aged Nimibutr Sports Building.
As Thailand strides confidently toward a world stage teeming with lights, action, and applause, IMPACT’s move is as bold as a bright soloist stepping into the spotlight. The show is set to go on, and with a crescendo of investments, projects, and visionary initiatives, Thailand is ready to perform its magnum opus of entertainment and hospitality. With so many facets of this grand production coming together, one thing is certain—the future of Thailand’s MICE tourism industry will be nothing short of spectacular.
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