• The expansion strategy solidifies the company's aim to achieve its vision of becoming "The Premier Medium-sized Hospitality Management Company in Southeast Asia."
• ONYX Hospitality Group is moving ahead with its expansion plans to manage over 50 hotels and properties by 2025, and 70 by 2028.

Yuthachai Charanachitta, the CEO of ONYX Hospitality Group, said: "The company has set an ambitious revenue target of 9,463 million Baht for 2024. The Amari and OZO brands are pivotal in driving this revenue goal, with the Shama brand also experiencing consistent positive growth due to increasing market demand. Moreover, ONYX Hospitality Group's efficient management, supported by over five decades of experience, has earned the trust of its customers and business partners. This trust is reflected in the long-term contracts through which they conduct business together. The company's 2024 revenue target aims for a growth of more than 19% compared to the previous year and 23% compared to 2019, pre-COVID-19 outbreak."

Guided by the principle of "A Tailored Approach to Hospitality," ONYX Hospitality Group underscores collaboration with suppliers and partners. Leveraging over five decades of expertise and experience, alongside a deep understanding of the Southeast Asian travel industry, the company meets business requirements with flexibility as a key organisational strength, enabling the development of strategies driving exceptional growth.

In the first quarter of 2024, ONYX Hospitality Group achieved a remarkable year-on-year growth rate of 29%. This growth was fueled by tourism recovery, particularly an increase in the number of Chinese tourists. As a result, Chinese travellers have surged to become ONYX Hospitality Group's top revenue source, for the first time since the COVID-19 outbreak. Thailand remains the second-largest market for ONYX Hospitality Group, with resorts in Phuket and Pattaya enjoying popularity among Thai people for both domestic travel and staycations. Russia ranks third as an important market for ONYX Hospitality Group, particularly for resorts in Phuket and Pattaya. It continues to be the key market, alongside other growing markets such as Japan, Korea, and India, showing strong year-over-year growth.

ONYX Hospitality Group currently operates a diverse portfolio of hotels, resorts, and serviced apartments across Thailand, Malaysia, China, Hong Kong, Bangladesh, and Lao PDR. The company is actively expanding its presence both domestically and internationally, with plans to open more than 9 additional locations by 2025. These new locations include 3 in Malaysia, 2 in China and Hong Kong, 2 in Thailand, 1 in Laos, and 1 in Sri Lanka, among others.

In Malaysia, ONYX Hospitality Group is gearing up for expansion with the introduction of three new hotels: Ozo Medini, Shama Medini, and Shama Suasana Johor Bahru. This move will increase its portfolio of hotels in Malaysia to a total of 7 locations, making Malaysia the first country outside Thailand to feature all three of ONYX's brands, including Amari, OZO, and Shama. This aligns with ONYX Hospitality Group's vision and focus on Southeast Asia, leveraging Malaysia's tourism potential and capacity to cater to the MICE market.

The renowned Amari brand, popular among Thai and foreign tourists, strategically targets the City MICE, Urban MICE, and resort markets in the upper-upscale segment. Planning to introduce three new properties:

Amari Colombo in Sri Lanka is scheduled to open in Q4 2024. The 27-storey tower will boast 167 rooms and suites, a signature restaurant, and a spa operating round-the-clock. Guests can also enjoy a rooftop swimming pool, bar, and recreation area, along with a special Thai restaurant, all offering breathtaking views of the ocean and city skyline. Additionally, the hotel will feature a dedicated executive floor with exclusive executive lounge access.

Amari Vientiane in Laos is scheduled to open in Q4 2024, marking Amari's second hotel brand in Laos after the iconic Amari Vang Vieng Hotel. This expansion solidifies ONYX Hospitality Group's prominent presence in this captivating destination. Amari Vientiane boasts an impressive array of amenities, including an all-day dining restaurant, 248 meticulously decorated guest rooms, a rooftop executive lounge, a rooftop specialty restaurant, a rooftop bar, extensive banquet facilities, a ballroom, and a conference room. Additionally, guests can enjoy a state-of-the-art fitness room, Breeze Spa, a main swimming pool, a children's swimming pool, and a recreational zone for children.

Amari The Tide Bang Saen in Thailand is scheduled to open in 2025. Situated on the lively promenade opposite the renowned Bang Saen Beach, the hotel offers a comfortable retreat in the heart of this tranquil seaside city. Just under 90 minutes by car from Bangkok, guests can easily explore nearby tourist attractions, coffee shops, and local restaurants along the seaside. The property offers 154 guest rooms in 7 styles, catering to families and business travellers visiting nearby industrial estates or attending special meetings and events. The hotel features a restaurant open all day, a signature spa, a swimming pool, a fitness center, a kids' club, and various other amenities. Additionally, it boasts 5 meeting rooms capable of accommodating up to 1,000 guests.

In addition to the launch of Amari's new hotels and residences, in late 2024, the brand will see another significant development with the official opening of Amari Bangkok. Having undergone renovations and rebranding from "Amari Watergate Bangkok", the property aims to become the city's premier destination, catering to leisure, business, and MICE travelers. The newly renovated Amari Bangkok features all-new premier rooms and suites boasting contemporary interior decor. To cater to travellers from around the globe, several new restaurants have been added, including the intriguing "Nila" and "Chom Sindh". Additionally, the hotel is gearing up to introduce "maai spa" following the successful launch of the "maai spa" brand by ONYX Hospitality Group, with the first branch opening at Amari Pattaya in 2023.

Yuthachai highlighted that each of ONYX Hospitality Group's brands has demonstrated remarkable growth. Apart from the Amari brand, another prominent brand under ONYX Hospitality Group is "Shama", which currently boasts over 2,500 accommodation units across 20 properties. Particularly in Thailand, Shama has experienced a growth of up to 200% within 5 years. In Hong Kong, "Shama" is regarded as a leader and holds the position of No.1 international serviced apartment provider with 7 properties.

Currently, ONYX Hospitality Group is further expanding its Shama serviced apartment brand in response to the growing trend of seeking long-term accommodation, both domestically and internationally. This includes projects like Shama Suasana Malaysia, Shama Hub Metro South Hong Kong, and Shama Hub Qiantang Hangzhou, China.

Recently, a contract signing ceremony was held for the management of "Shama Rayong", scheduled to open in 2026. It is strategically located for convenient travel, connected to Rayong city center and the Map Ta Phut Industrial Estate. The property is also in proximity to several significant industrial estates and business districts, including WHA Rayong 36 and CPGC. In addition to its strategic location, Shama Rayong is surrounded by numerous international schools and offers easy access to various destinations within Rayong. The property features over 150 rooms, including studios and 1-2 bedroom units, along with amenities such as a restaurant, swimming pool, fitness room, and conference facilities. With the unique hospitality service of the Shama brand, Shama Rayong is poised to leave a lasting impression on every guest.

OZO, the hotel brand tailored for travellers seeking simplicity and excitement, is renowned for its dynamic venues that invite guests to the thrill and vibrancy of travel. As a flagship brand of ONYX Hospitality Group, OZO is set to officially launch its latest property in June 2024. Moreover, plans are underway for the launch of OZO Medini in Malaysia during the second quarter of the same year, marking the brand's fifth establishment alongside OZO Pattaya, OZO Phuket, OZO Samui, and OZO Georgetown Penang.

Introducing new hotels and planned developments are integral to ONYX Hospitality Group's strategy to achieve significant expansion in the hotel, resort, and serviced apartment business in Southeast Asia. With a trajectory aiming for over 50 hotels and properties under management by 2025 and a target of 70 locations by 2028, the company is steadfast in its vision of becoming "The Best Medium-sized Hospitality Management Company in Southeast Asia."

In its quest to bolster the tourism sector, ONYX Hospitality Group has diversified its portfolio beyond hotel brands, venturing into various hospitality domains. An example of this expansion is the forthcoming launch of another Prego restaurant. Prego, renowned for its authentic Italian cuisine and captivating food culture since its inception in 2003, continues to captivate palates. Scheduled to open its newest branch at Kata Beach, Phuket, by 2024, this addition underscores ONYX's commitment to culinary excellence.

Moreover, ONYX Hospitality Group recently introduced "Nila", a pioneering restaurant concept showcasing coastal Indian cuisine - a rare gem in Thailand's culinary landscape. Targeting the discerning Indian market and adventurous food enthusiasts, Nila celebrates the rich culinary heritage of India's river states under the culinary stewardship of Chef Bharath S. Bhat, Thailand's inaugural Iron Chef winner. Complementing this is "Chom Sindh", a culinary haven highlighting Thai freshwater delicacies, embodying the essence of Thai hospitality.

In addition to its business operations, ONYX Hospitality Group is committed to creating sustainability by emphasising sustainable practices. This includes the cost-effective use of electrical energy, water conservation, and responsible waste management. These efforts align with the increasing number of travellers seeking environmentally conscious options, giving ONYX Hospitality Group a competitive advantage. Recognising the need to reduce the impact of travel and tourism, this responsible approach to sustainability not only benefits the 'present' but also looks towards the 'future,' ensuring that the next generations will inherit positive outcomes from their travel.

ONYX Hospitality Group believes that even small changes can lead to significant improvements. Therefore, the company is committed to creating positive change in the industry's sustainability landscape. At the start of 2024, ONYX Hospitality Group made history by becoming the first hotel management company in Asia Pacific to announce a long-term commitment to partnering with UNESCO for cultural sustainability. This partnership not only sets goals for achieving carbon neutrality but also represents a significant milestone in ONYX Hospitality Group's dedication to sustainability.

Visit the website at www.onyx-hospitality.com^[2]

Hashtag: #ONYXHospitalityGroup

The issuer is solely responsible for the content of this announcement.

References

1. ^{^} Media OutReach Newswire (www.media-outreach.com)
2. ^{^} www.onyx-hospitality.com (www.onyx-hospitality.com)