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Thailand's PTT plans to invest in budget hotels business

BANGKOK, June 22 (Reuters) - Thailand’s largest energy firm PTT Pcl is in talks with three to four hotel chain operators about plans to build budget hotels at its oil service stations in a bid to boost revenue from its retail business, an executive said on Wednesday.

State-controlled PTT aimed to set up hotels at 50 of its more than 1,400 stations over the next five years, Auttapol Rerkpiboon, senior executive vice president of PTT’s oil business unit, told reporters.

The executive did not disclose which hotel operators PTT is talking to or specify how much PTT planned to invest in the budget hotels but said the investment will be excluded from a plan to invest 25 billion baht ($709.82 million) in its oil business during 2016-2020.

PTT is also studying the possibility of listing its retail business on the Thai stock market and the study should be completed in the fourth quarter, Auttapol said, without giving details about the specific listing timeframe.

Some analysts expected the listing to take place in 2017.

Earlier this month, a PTT official said the study on the listing plan was expected to be completed in the third quarter.

PTT currently operates coffee shops under the Cafe Amazon and Daddy Dough local brands at its outlets nationwide. It also has contracts with CP All Pcl to host 7-Eleven stores at its service stations. ($1 = 35.2200 baht) (Reporting by Manunphattr Dhanananphorn; Writing by Khettiya Jittapong; Editing by Muralikumar Anantharaman)

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