Thai group cuts revenue growth target

Bangkok, Thailand – 17 November 2016
1Thai Hotel Group Erawan has cut 2016 its revenue growth target to 5 percent from 10 percent as Thais enter a year of mourning following the passing of King Bhumibol Adulyadej on October 13.

The group expects fourth-quarter occupancy rate at 79 percent versus 81 percent a year earlier.

It expects the 2016 occupancy rate fall to 80 percent versus its earlier target of 81 percent due to lower-than-expected tourist numbers in fourth quarter.