MBK plc would choose between developing 18 rai on Beach road now occupied by the Montien Hotel into a hotel-condominium complex or selling the land. The lease expires next January.
If MBK sells the land, it will gain about 1 billion baht. If it opts to develop the plot, the restoration and rebuilding will take about 4 years.
It is joining with the Dusit Thani group to develop a 5 star resort hotel in the Maldives–MBK’s first investment in an overseas hotel. The company now has properties in places such as Ranong, Phuket and Krabi.