ONYX Hospitality Group will open its first resort in the Maldives as it remains on track to expand its portfolio to 81 properties and triple annual profits within 2018.
The 120-villa Amari Havodda, owned by Crystal Plaza Resorts, is tabled to open in 1Q2016.
Onyx CEO Peter Henley said: “Within the industry there is a sweet spot of 70 to 80 properties, once you’ve passed that tipping point, both guests and owners become much more aware of you and you can leverage that position (for future growth).”
Onyx’s group revenue is forecast to rise 13 per cent by year-end over 2013’s performance, despite the impact of Thailand’s political unrest on tourism this year. Said Henley: “We have achieved this because of good performance from our new properties outside of Thailand.”
He described the local hotel market’s performance this year up to September as “miserable”, but expects a recovery to take place within the first-half of next year, barring further unrest in the country.
The hotelier, which rebranded from Amari Hotels and Resorts in 2010, generates 80 per cent of its revenue from Thailand where 70 per cent of its 37 properties are located.
The group wants 70 per cent of the portfolio to be located outside of the kingdom by 2018, by which time Thailand is expected to contribute about 65 per cent of group revenue.
“We plan to stay within Asia with a focus on Thailand, parts of the Middle East, China and Hong Kong, and the corridor that runs from Bangladesh, through India, across the Indian Ocean to Sri Lanka,” Henley said.
