Bangkok's Past - Jim Thompson's Bedroom

When I moved to Rajadamri Mansion, next to the Four Seasons Hotel, three years ago, the management assured me they would give me a two-year lease. The day after moving in, they said they could only give me a six-month lease as the building was going to be torn down!

I moved down the soi to Baan Sansiri where I have lived for more than three years. My bedroom and library windows overlook the Four Seasons and, for more than 2 years after I moved out...Rajadamri Mansion.

Finally, about a year ago, Rajadamri Mansion was torn down, and ever since, I have been fascinated to watch the progress on the site.

Rumors swirled: it was going to be a six-star (no such thing) Four Seasons Residence (condos pooled when empty as hotel accommodations); a forty-storey hotel to be called Rajadamri; etc.; etc.

The point is that Bill Heinecke’s company, Minor International, owns the Four Seasons and people assumed there would be a link, both corporately and physically—my soi separates the two properties by only a handful of metres.

Then yesterday, a new sign went up on the site—St. Regis!

almost touching the Four Seasons Hotel...

This morning, I awoke to the news on the internet site of The Nation—Bangkok’s Independent Newspaper:

“Published on July 25, 2007

“Up-market hotel developer and restaurant company Minor International has announced details of what it says will be one of Bangkok's most exclusive hotels and Thailand's most expensive condominium, the St Regis Hotel and Residence Bangkok, on Rajdamri Road.

“The properties are collectively worth Bt4 billion, and although they will not open until 2010, the hotel is already being given six stars - one above the five-star upper limit for the common horde.

“The project, next to the Four Seasons Hotel, is being developed by Rajadamri Residence, a subsidiary of the Minor Group, which has a 30-year lease of the land. Minor chairman and CEO William Heinecke said the hotel and residence would comprise 169 guestrooms, 14 junior suites, 14 executive suites, one presidential suite, 22 serviced apartments (one and two bedrooms), 64 residences (three and four bedrooms), three penthouse units and four duplex penthouses with swimming pools.

“The hotel part of the property will be managed by US hotel chain Starwood Hotels and Resorts under its top brand, St Regis, with a 20-year contact. Following the style of the St Regis in New York and in other countries, the St Regis Bangkok will target high-end tourists and business travellers and compete directly with the city's top luxury hotels, including The Oriental, the Sukhothai and the Four Seasons.

“Heinecke said prices for the residences would start at Bt30 million for a 250-square-metre unit and go up to Bt120 million for each of the four 800-square-metre duplex penthouses.

"This is Minor's most expensive investment, and it will be the most expensive condominium in the country," Heinecke said.

“The group is financing the development from its own resources. Apart from the Rajdamri property, the Minor Group plans to develop another two projects in Bangkok, one on Koh Samui, one in Phuket and one in Krabi. Within five years, it expects to invest more than Bt10 billion in Thailand's hotel industry.

“It is also developing hotels and residences in Dubai and a resort in the Maldives.
Moreover, it is negotiating with a food and beverage company to introduce a new product into the Thai market, and initial investment for that venture will be about Bt1.5 billion.

“The Minor Group runs 15 hotels with more than 2,300 rooms under the Marriott, Four Seasons, Anantara and other brands in Thailand, the Maldives and Vietnam. It also operates 23 spas in the Asia-Pacific and Middle East, as well as more than 600 restaurants in Thailand under The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King and LeJazz brands.

“Miguel Ko, president for the Asia-Pacific at Starwood Hotels and Resorts, said St Regis was the latest brand brought to Thailand by his company. The group plans to increase the number of its hotels in Thailand from 10 at present to 20 in the next five years, all with different brands. Two hotels planned for Bangkok will be called Four Points by Sheraton and Aloft. Another, called the W Hotel, will be built on Koh Samui.

“Ko said Starwood was developing 65 hotels and resorts throughout the Asia-Pacific, with 25 opening in the next few years. They include the St Regis in Singapore this year; properties on Bali and in Mexico and Costa Rica next year; Atlanta, Macau and Puerto Rico in 2009; Tibet and Osaka in 2010; and Jakarta in 2011.”

End of article in The Nation.

The news was also picked up by The Bangkok Post in which Bill Heinecke was quoted:

Bangkok's Future - Bill Heinecke in front of the model of the St. Regis Hotel & Residences

"Linking the residential business will contribute to the development of hotels as building only a hotel requires a lot of capital for investment," he said yesterday after signing a deal with the hotel chain Starwood Hotels & Resorts Worldwide Inc.

"It [the St Regis] is not our new business model. We've done residential projects before in Koh Samui, Chiang Mai and Phuket, but only in a few units," he said.

He expressed confidence in the Thai economy, saying that the company's investment plan would not change as Thailand's long-term prospects remained very strong. "I'm confident the situation will improve especially after the new election," he said.

"We're the most dynamic hotel business firm in Thailand. We have been a hospitality business leader for over 25 years and will go on for the next 25 years," said Mr. Heinecke, [originally American but now] a Thai citizen who was ranked the country's 10th richest man this year by Forbes Asia.

End of article.

With all the confusion in Thailand over the recent months, it’s reassuring that Bill Heinecke believes in the future. He’s not the only one—the stock market has been hitting new highs almost every day.

All the best,

Uncle Ted

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