BC Posts THB 630.5M Revenue in 2025, Stable YoY; Sharp Q4 Rebound Turns EBITDA Positive, Accelerates BOS-TPO Strategy for 2026 Growth
Boutique Corporation (BC) showcased its 2025 performance, reporting total revenue of 630.5 million baht, remaining stable compared to the previous year. The company was temporarily impacted by the closure of a Phuket project for renovations. However, the fourth quarter showed strong recovery with increased occupancy rates and ADR (Average Daily Value), pushing EBITDA to positive nearly 20 million baht. This was driven by the high season and the rebranding of hotels in Phuket. Looking ahead to 2026, the company plans to pursue an Asset-Light Strategy as a Third Party Operator (TPO), increasing its proportion of high-margin management fee revenue, while continuing its Build-Operate-Sale (BOS) model, aiming to sell 2-3 investment projects. Mr. Pracharan Singh Thakral, CEO of Boutique Corporation Public Company Limited (BC), a specialist in real estate development using the “Build-Operate-Sale” (BOS) model, revealed the company's 2025 operating results, showing total revenue of 630.5 million baht, stable compared to the previous year. The main factor contributing to this success was the sale of investments through digital assets. (Tokenization) In Q1 2025, coupled with the renovation and rebranding of hotels in Patong, Phuket during Q2-Q3 2025, which operated on a limited basis before fully reopening as Mercure Phuket Patong Journeyhub from November 2025 onwards, resulted in a net profit (excluding extraordinary items) of 21.2 million baht, a turnaround from a loss of 14.1 million baht in 2024. Overall, the hotel and shopping mall businesses began to recover significantly in Q4 2025, supported by improved occupancy rates and average daily rate (ADR) compared to the previous quarter. In particular, following the rebranding to Mercure Phuket Patong Journeyhub, the ADR in December 2025 increased by 57.3% compared to the same month of the previous year, reflecting the success in enhancing revenue. Despite only reopening for a month and a half,
in Q4 2025, BC operated a total of 10 hotel and serviced apartment projects. Six projects in Bangkok generated total project-level revenue of 93.6 million baht, an 18.0% increase compared to the previous quarter, although slightly lower by 2.9% year-on-year due to weaker occupancy rates and average room rates. Meanwhile, four projects in other provinces generated total project-level revenue of 91.5 million baht, a 90.8% increase compared to the previous quarter, reflecting the start of the tourist season and stronger tourism in key provinces.
In the shopping mall rental business, following the sale of the Summer Point office building investment, the company continues to manage the project under related contracts, helping maintain a continuous source of recurring revenue. The Cove Hill project generated rental income of 8.3 million baht in Q4 2025, an 1.8% increase compared to the previous quarter, while the occupancy rate improved to 79.2% from 52.1% in the same period last year. This reflects the successful achievement of target-level occupancy rates.
In terms of performance, consolidated EBITDA in Q4 2025 was 19.9 million baht, a turnaround from a negative 12.1 million baht in Q3 2025 and an increase from 16.8 million baht in Q4 2024, driven by the recovery of hotel business revenue coupled with effective cost control measures.
However, in 2026, the company plans to drive qualitative growth by building upon the signing of franchise agreements for hotels under the Accor network, covering the Mövenpick, Mercure, and Handwritten Collection brands, and upgrading to become a full-fledged Third Party Operator (TPO) in Thailand. The company aims to increase the proportion of revenue from management fees, which require low investment and provide high margins, coupled with improving the efficiency of existing assets and continuously managing costs. The target is double-digit revenue growth, while driving EBITDA expansion in line with improved occupancy rates and ADR, reflecting a stable and sustainable long-term growth trajectory.
“2026 will be a year of strategic continuation, building on investments and portfolio upgrades through collaborations with international hotel brands that commenced last year.” "This year marks a strategic step forward for the company, aiming to drive long-term revenue and profitability growth. Simultaneously, in terms of the BOS business model, the company targets selling 2-3 projects at appropriate valuations and under suitable circumstances to manage its portfolio and reinvest funds in new ventures. This will be coupled with accelerating the expansion of its role in the Third Party Operator (TPO) business to increase recurring revenue from management fees, creating a stable and sustainable revenue base in the long term," said Mr. Pracharan Singh Thakral.
