Results for: Expansion Plans

ONYX Hospitality Group has set a revenue target of over THB 9,400 million for 2024, driven by its flagship brands Amari, OZO, and Shama. The group reported a 29% year-on-year growth in Q1 2024, supported by the return of Chinese tourists. Expansion plans include over nine new locations by 2025, including properties in Thailand, Sri Lanka, and Laos, offering luxury amenities and focusing on sustainability. ONYX Hospitality Group is also expanding its culinary offerings and has partnered with UNESCO for cultural sustainability.

Western financial firms are reducing their operations in China due to the country’s sluggish economy, which fell short of expectations in 2023. Companies such as Fidelity International, Morgan Stanley, and Legal & General have suspended expansion plans or cut jobs in the region. Goldman Sachs, JPMorgan Chase, and Citigroup have also cut investment banking positions focused on China. Despite the drawbacks, most firms are not withdrawing entirely, waiting for China’s economic recovery.