PTT affirms low budget hotel project will not be scrapped

BANGKOK, Nov 17 (TNA) -- PTT Plc, the national oil and gas conglomerate, has cancelled the consideration process for partner for the budget hotel projects, but affirmed that the project is not scrapped, noting that the company needs to adjust its requirement criteria. PTT Senior Executive Vice President for Oil Business Unit, Mr Auttapol Rerkpiboon said the budget hotel at gas stations project has not yet been terminated but is currently being revised on its criteria to select business alliances, to create more flexibility. He said if the present criteria is used, the outcome would not be achieved as targeted, adding that with the new criteria, three investors would be selected for the final round, after which only one company would be chosen for the joint-venture in order to create the highest business benefits for both sides. Mr Auttapol said PTT is still planning to push forward with the project, but would like to cancel this round of consideration for now in order to adjust its criteria, noting that a new round of selection would be opened soon and that the first brand new budget hotel would be established at one PTT"s gas stations by 2018 as planned. Five hotel business owners have expressed interests in the project, including Erawan Group, CP Land, GPCM Group, Centara International Management, and Wyndham Group (Kosmopolitan Hospitality). PTT initial plan was to set up budget hotels at 50 of its gas stations across the country within five years' time. (TNA)