BC Revenue Jumps 43% in H1 2025 to THB 425M Provincial Hotels Shine on Strong European Holiday Demand, supporting Recurring Income Growth
Boutique Corporation Public Company Limited (BC) delivered a strong performance in the first half of 2025, recording total revenue of THB 425 million, an increase of nearly 43%. This growth was driven by early-year asset sales under the company’s Build–Operate–Sale (BOS) model and a steady recovery in the hospitality sector, particularly in key provincial and tourist destinations. The growth momentum was supported by European Holiday demand and is expected to continue into Q3. Although no investment assets were sold during Q2, resulting to a temporary decline in quarterly performance, the hotel business continued to grow in several regions. BC is pressing ahead with its ambition to become a leading player in Thailand’s hospitality sector through flagship developments such as JW Marriott Bangkok Sukhumvit 24, and a newly signed franchise partnership with Accor further reinforcing its status as an official Third Party Operator (TPO) and bolstering its recurring income portfolio for long-term, sustainable growth.
Mr. Prabsharan Singh Thakral, Chief Executive Officer of Boutique Corporation PCL, a leader in strategic real estate development under the Build-Operate-Sale (BOS) model, shared the company's performance for the first six months of 2025. EBITDA reached THB 198 million, representing a 95.7% year-over-year increase from THB 101 million in the same period last year. Total revenue climbed to THB 425 million, a 43% rise, highlighting the effectiveness of BC’s business model and operational strategy. Notably, Q1 growth was boosted by the successful tokenized asset sale of the Summer Point project.
The hotel and serviced apartment business also demonstrated solid growth, despite Q2 being a traditionally low season for tourism. Hotels in Bangkok continued to show signs of recovery as the economic outlook improved, while provincial hotels outperformed with revenue growing 17.5% YoY, buoyed by the return of international tourists during the European Holiday season. This trend highlights ongoing opportunities to boost both occupancy rates and average daily rates (ADR) in H2 2025.
A major highlight this quarter was BC’s continued expansion of strategic partnerships with global hotel brands. In Q2, BC officially signed an agreement to develop and operate the JW Marriott Bangkok Sukhumvit 24, a flagship five-star project in the Phrom Phong area. This move enhances BC’s luxury hotel portfolio and contributes to recurring income growth over the long term.
Additionally, BC entered into a franchise agreement with Accor, a global leader in hospitality, to manage three internationally renowned brands: Mövenpick, Mercure, and Handwritten Collection. This agreement also officially recognizes BC as a Third Party Operator (TPO) in Thailand under Accor’s system, affirming the company’s hospitality capabilities on a global scale.
Currently, BC operates a total of 10 hotel and serviced apartment properties, spanning Bangkok and key regional cities. The company also manages external projects such as JonoX Phuket Karon, and continues to grow its rental space business, including Cove Hill, where occupancy has increased to 72.3%, and Summer Point, where BC continues to manage after divesting ownership even after asset divestment. The latter continues to perform exceptionally well with occupancy rates exceeding 94%.
In Q2 2025, BC reported THB 77.4 million in total revenue, a decline of 53.3% YoY, due primarily to the absence of asset sales this quarter and the prior sale of partial interests in IBIS in Q3 2024 and Summer Point in Q1 2025. These factors, coupled with seasonality, led to lower operating revenue during the quarter.
“Despite Q2 headwinds from macroeconomic challenges and no BOS model transactions during the quarter, we believe the half-year results particularly EBITDA growth of 95.7% reflect the true strength of our operations. Our hospitality business continues to perform well across several regions. We remain confident in our team’s capability and the recovery of the tourism sector, while our strategic focus on luxury hotels and recurring income expansion will further strengthen BC’s revenue and profit stability in the long run.” Mr. Prabsharan Singh Thakral, CEO, Boutique Corporation PCL.
