US-based Cachet Hospitality Group is accelerating its business growth in the Asia-Pacific region with more than 40 hotels in the pipeline, aiming to cash in on the emerging lifestyle segment.
An artist’s rendition of the mixed-use project, Smile Square in Bangkok, scheduled to open in 2019.
“The tourism industry has been growing for years in the Asia-Pacific and the hotel business in Thailand is developing even more despite the stiff competition, especially in the lifestyle and trendy hotel segment,” said Kimy Chen, the group’s president for Southeast Asia.
She said many traditional local and international hotel chains are transforming themselves to deal with the growing popularity of lifestyle hotels.
Hoping to capitalize on the hotel segment for millennials, Cachet is moving into Asia and beyond, covering Thailand, Southeast Asia and Australia.
It is working with local investors throughout the region to develop or operate more than 40 properties.
Some projects have reportedly been secured under management contracts such as the 128-room Cachet Resort Dewa Phuket, which is now being renovated and is expected to reopen in December.
In Bangkok, Cachet has signed a management contract with Cachet Delux Hotel, a 63-room hotel located in the mixed-use Smile Square complex being built on Petchaburi Road.
The complex will also consist of a shopping plaza and commercial area, a 400-room hotel and a 208-room residential zone.
The entire project is set to open in 2019, the company says.
“We’re talking to the developer of Smile Square to manage the second hotel and also the residence,” said Ms Chen.
A few years ago, Cachet established a regional office in Bangkok which provides interior design works, creates digital platforms for hotels and builds teams in preparation for opening new hotels in the region.
Apart from Thailand, the group is looking to manage hotels in Malaysia, Indonesia, Taiwan, Singapore, Vietnam and Cambodia.
Cachet is further looking to expand its footprint in Thailand, targeting locations in Chiang Mai, Naka Island, Phuket, and Koh Samui in Surat Thani.
With numerous projects under development, the group is trying to establish its presence in Greater China, which is now the biggest source of tourists for its hotels in Asia-Pacific.
The group is also looking to add more hotels in the Middle East, Europe, the US and Mexico, insiders say.
Cachet’s strengths are its lifestyle hospitality branding and management firm with offices in Los Angeles, Shanghai and Bangkok.