Jasmine’s Pete Bodharamik
By Susan J. Cunningham
Five years ago Pete Bodharamik was a 35-year-old with a big challenge. He had just taken over as chief executive of Jasmine International, the telecom holding company his father had started back in 1982. It was going through rough times, emerging from years in bankruptcy court after his father had diversified madly on borrowed money in the 1990s.
One of Jasmine’s biggest assets, a 30% share of fixed-line operator TT&T, was in bankruptcy itself. And expectations weren’t high that Pete was the one to turn things around. He had held what he calls a “small job” at Jasmine for a few years, dabbling (and losing) in the dot-com boom, before leaving in 2003. “It was surprising,” one equity analyst recalls. “To many observers he was just a rich boy with a big inheritance. No one thought him capable of cleaning up his dad’s mess.” MORE
By Susan J. Cunningham
April 15, 2013
As he clowns around for a photo shoot in front of the giant fiberglass animals adorning his restaurant compound off of tony Thonglor Road, Tan Passakornnatee is sporting vivid yellow pants and a polka-dot shirt, his customary style for addressing college students or business groups.
When he’s in an even more casual mood, he wears T-shirts with the image of a pig (he was born in the year of the pig). But either way he always dons a captain’s hat–not least when he flies amid tall buildings wearing a caped costume in the commercials for his company’s current promotion. The tubby superhero “Tan Man” is on his way to change the lives of 60 people–one a day for 60 days–who are about to win 1 million baht ($33,000). As consolation prizes, he’s also giving away … MORE
By Susan Cunningham
BANGKOK—Fueled by steady economic growth exceeding 6% annually, the rise of Indonesia’s middle class and its impact on the hotel landscape were prominent themes at Travel Trends’ No Vacancy conference in Bangkok last week.
Of the 248 million people in Indonesia, approximately 20%–50 million–now belong to the middle class, said Sonia Kapoor, client service director for Nielsen Singapore. Now compiling between $4 and $20 each day to save or spend on leisure activities, members of this group will comprise 50% of the population by 2030, she predicted.
The number of new hotels being built or in the pipeline is unknown. The breakdown of travelers also is hazy, but Scott Blume, group CEO of PT Raja Kumar International, provided an estimate: “At least 25% is probably business travel and the travelers are staying in the 3- to 3-and-a-half-star range hotels. That’s 400,000 to 500,000 rupiah, or about $40.” … MORE
Geoffrey Bawa-designed Heritance Kandalama in Cultural Triangle
Sri Lanka’s hotels have been far from the international spotlight for 30 years, but the country accumulated a sizable inventory during the 1960s and 1970s. More than 500 Sri Lankan hotels and other types of lodging are listed on online booking sites. There are approximately 70 listed just for the Bentota-Kalutara beach strip southwest of Colombo.
Here are some companies that have announced sizable investments for renovations or new builds since the end of the country’s civil war in 2010.
Jetwing Hotels Limited
Jetwing Hotels will build six hotels by 2014, adding to its existing stable of 12, according to Jetwing Chairman Hiran Cooray. Forty-year old Jetwing, which also runs outbound tours, already operates the largest number of hotels in the country with a total of approximately 520 rooms. Cooray said Jetwing will spend $18 million … more