Central Plaza Hotels
Central Plaza Hotels (SET: CENTEL) is the Chirathivat family's listed hotel, food-service vehicle, operating Centara Hotels & Resorts across ~90 properties in Thailand, Maldives, Vietnam, Qatar, and selected other destinations, plus the Central Restaurants Group (CRG) quick-service franchise business (Mister Donut, KFC franchise, Auntie Anne's, Pepper Lunch, Cold Stone Creamery). FY2024 revenue sat in the THB 22–27 billion range split across hotel and food segments. Thailand-domestic hotel exposure is materially higher than MINT's, making CENTEL the cleaner Thai-arrival-recovery listed read.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
THB 22–27B
FY2024
Hotel, food service segments
Hotel properties
~90
FY2024
Centara brand portfolio
Geographic mix
Thailand-weighted
FY2024
Plus Maldives, Vietnam, Qatar
Food service (CRG)
Mister Donut / KFC / Auntie Anne's
FY2024
Listing
SET: CENTEL
1990 listing
What this company actually does
CENTEL runs two businesses that intentionally balance each other. Centara Hotels & Resorts operates ~90 properties across tiers from luxury (Centara Grand) through upper-midscale (Centara) and select-service (COSI). The Thai portfolio is the largest single block — Bangkok, Phuket, Pattaya, Koh Samui, Krabi, Chiang Mai — with Maldives carrying the highest ADR at group level. Vietnam, Qatar, and a handful of other international properties round out the portfolio.[]
Central Restaurants Group (CRG) is the franchise and proprietary food-service arm, running 1,000+ restaurant units across Thailand under Mister Donut, KFC (one of two Thai franchisees), Auntie Anne's, Pepper Lunch, Cold Stone Creamery, Arigato, and others. The food segment is a stabiliser — domestic Thai consumption that smooths the tourism-arrival seasonality in the hotel segment.[]
Business segments
Centara Hotels
~90 properties across 4 tiers
Centara Grand (luxury), Centara (upper-upscale), COSI (select-service/budget), and Centara Life (midscale). Largest concentration in Thailand (Bangkok, Phuket, Pattaya, Koh Samui, Krabi, Chiang Mai). Maldives carries the highest ADR per property; Vietnam and Qatar are growth markets.
Central Restaurants Group (CRG)
1,000+ food-service units
Operates KFC franchise (one of two Thai franchisees), Mister Donut, Auntie Anne's, Pepper Lunch, Cold Stone Creamery, Arigato, Ootoya, and others. Domestic Thai consumption anchor that smooths hotel-segment seasonality. CRG EBITDA margin approximately 8-12%.
Geographic mix
Thailand-weighted with Maldives premium
Thailand accounts for approximately 70-75% of hotel-segment revenue. Maldives represents the highest ADR markets at group level, with European and US leisure guests. Vietnam adds emerging-market growth upside; Qatar is corporate-travel exposure.
Hotel portfolio peer comparison
FY2024 estimates. Sources: company 56-1 filings.
Ticker
SET:DUSIT
Properties
~30
FY2024 hotel revenue
~ $0.116-6B hotel
Thai-domestic mix
Moderate (flagship offline)
| Entity | Ticker | Properties | FY2024 hotel revenue | Thai-domestic mix |
|---|---|---|---|---|
| Central Plaza Hotels (CENTEL) | SET:CENTEL | ~90 | ~ $0.406-17B hotel | High (~70%) |
| Minor International (MINT) | SET:MINT | 550+ | ~ $2.61-100B hotel | Low (~20-25%) |
| Asset World Corporation | SET:AWC | ~50 | ~ $0.348-15B hotel | Very high (~90%) |
| Dusit Thani | SET:DUSIT | ~30 | ~ $0.116-6B hotel | Moderate (flagship offline) |
Key drivers 2025-2026
RevPAR recovery
Bangkok and Phuket ADR trajectory
Bangkok RevPAR at Centara Grand properties has recovered to approximately 2019 levels in ADR; occupancy remains 3-5 percentage points below peak. Phuket is more exposed to Russian and Chinese arrival-mix variability. Any compression from branded-residence supply is the primary headwind.
Maldives yield
High-ADR anchor for group RevPAR
Maldives properties (Centara Grand Island, Centara Ras Fushi) carry the highest ADR in the portfolio — typically USD 400-600 per night. European and US leisure demand drives this market; watch for any demand softness from western consumer slowdown in 2025-2026.
CRG franchise terms
KFC and Mister Donut renewals
CRG's KFC and Mister Donut franchise terms are periodically renegotiated with the global brand principals. Any increase in royalty rates compresses food-service segment margin. Watch for disclosure of franchise renewal timelines and new proprietary brand launches as diversification.
Bangkok, Phuket RevPAR and Maldives yield
Within the hotel segment, Bangkok and Phuket together drive the largest share of revenue and set the tone for RevPAR recovery. Both markets have recovered broadly to 2019 ADR levels by FY2024 with occupancy still catching up modestly. Maldives — a non-Thai geographic exposure — carries the highest ADR of any CENTEL market and supplies the luxury premium that pulls group RevPAR above pure-Thai peers.[, ]
The FY2025 disclosure to watch is whether Bangkok RevPAR sustains as branded-residence supply and hotel-adjacent Airbnb competition tighten the ADR ceiling. Phuket is less exposed to this dynamic but more exposed to Russian and Chinese arrival-mix variability.[]
Watchpoints for the next annual report
Bangkok RevPAR trajectory
The binding hotel segment metric. If Bangkok RevPAR compresses on branded-residence competition, it moves the whole group segment mix.
CRG franchise margin
KFC and Mister Donut economics are franchise-terms-sensitive. Watch for any renegotiation or proprietary-concept ratio shift.
Maldives yield
Maldives ADR is the group premium pull. US/EU leisure demand drives it more than Thai arrival mix.
New Centara openings
Hotel pipeline vs closures signal capital allocation. Compare openings in Qatar, Vietnam, Laos vs Thailand.
Related Market profiles
Peers, parents, partners, agencies, and other Tourism & Travel actors.
Competitor
Minor International
Larger hotel group but with material non-Thai exposure via NH Hotel Group.
Open Market profile →
Competitor
Dusit Thani
Smaller listed Thai luxury peer; Dusit Central Park redevelopment.
Open Market profile →
Partner
Central Retail Corporation
Same Chirathivat family group; Dusit Central Park joint development with Central Pattana.
Open Market profile →
Sector peer
Agoda (Booking Holdings)
Bangkok-headquartered OTA, Booking Holdings subsidiary; dominant in Asian inbound and domestic Thai online travel with 2 million-plus global property listings.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Central Plaza Hotels PCL (SET: CENTEL) FY2024 Form 56-1 One Report
Publisher
Central Plaza Hotel PCL
Grade
Primary
As of
2025-03-31
STR — Thailand Hotel Performance (RevPAR / ADR / Occupancy)
Publisher
STR (CoStar Group)
Grade
Supporting
As of
2026-03-15
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Central Plaza Hotels PCL (SET: CENTEL) FY2024 Form 56-1 One Report | Central Plaza Hotel PCL | Primary | 2025-03-31 |
| STR — Thailand Hotel Performance (RevPAR / ADR / Occupancy) | STR (CoStar Group) | Supporting | 2026-03-15 |
Reports featuring this profile
Thailand Hotels & Hospitality Market Intelligence
Centara brand, KFC Thailand franchisee; CP Group-linked.
Open report →
Sits alongside 7 other Atlas profilesThailand Tourism & Travel Market Intelligence
Thailand-weighted premium hotel anchor; THB 22–27B FY2024 revenue across hotel, CRG food service.
Open report →
Sits alongside 9 other Atlas profilesThailand Wellness & Spa Market Intelligence
SPA Cenvaree across Centara, Centara Grand properties.
Open report →
Sits alongside 5 other Atlas profilesThailand Hospitality Labor & Wages Deep Dive
Thai-weighted hotel, F&B operator; material Thai labor exposure.
Open report →
Sits alongside 3 other Atlas profilesThailand Chinese Inbound Tourism Deep Dive
Centara Hotels & Resorts; Chinese tourist exposure via Pattaya, Phuket, Bangkok.
Open report →
Sits alongside 7 other Atlas profilesThailand Hotel ADR, Occupancy by Market Deep Dive
Centara Hotels & Resorts Thai ADR, occupancy disclosures.
Open report →
Sits alongside 5 other Atlas profilesThailand CLMV Migrant Workforce Deep Dive
Centara hospitality CLMV migrant workforce.
Open report →
Sits alongside 7 other Atlas profilesThailand Thai Massage & Spa Wellness Deep Dive
Centara Hotels spa, wellness integration.
Open report →
Sits alongside 6 other Atlas profilesThai Restaurant Globalization Deep Dive
Central Restaurants Group (CRG) franchise, own brand globalisation.
Open report →
Sits alongside 3 other Atlas profilesThailand Airbnb, Short-Stay Condo Rental Deep Dive
Centara hotel, serviced-apartment competing with Airbnb.
Open report →
Sits alongside 5 other Atlas profilesMinor International: Hotel and Restaurant Portfolio Recovery
Adjacent peer in Thai hospitality REITs
Open report →
Sits alongside 4 other Atlas profilesRelated Market profiles
competitor
Minor International
Thailand's largest listed hotel group — 550+ properties across 56+ countries via NH Hotel Group, Anantara, and Avani.
competitor
Dusit Thani
Listed Thai luxury hotel operator mid-redevelopment — Dusit Central Park mixed-use complex with Central Pattana.
partner
Central Retail Corporation
Omnichannel incumbent defending digital share against marketplace platforms.