Vilailux Development Company Limited has announced plans to open its first five-star hotel, Rayong Marriott Resort and Spa, in Rayong Province, Thailand.
Vilailux has signed a 15-year management agreement with Marriott Group to manage the hotel, in which Marriott has the option to renew the contract for another ten years once the initial term expires.
The Marriott Group is expected to achieve 50% occupancy during the first year of operations, followed by 65% in the second year and 75% in the third year and thereafter.
Construction works of the hotel are expected to begin in the last quarter of 2009. The hotel development is expected to support the company's Phuphatara residential development which comprises 189 condominium units and 32 beachfront villas.
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