The property and hotel development unit of Thailand’s richest man plans to more than double spending for acquisitions and development of hotel resorts and commercial properties this year as tourism booms.

Asset World Corp. plan investments of more than 20 billion baht ($590 million) in 2023 from about 10 billion baht last year, according to Chief Executive Officer Wallapa Traisorat. Its main projects include its tourist-focused complex in Bangkok and new hotels in key destinations such as Pattaya and Phuket, she said.

Southeast Asia’s second-biggest economy has posted stronger-than-expected growth this year as the resurgent tourism boosts earnings at airlines, hotel operators and other service industries. The Ministry of Finance expects international arrivals to almost triple to about 30 million in 2023, up from last year’s 11.2 million.

“We have to accelerate new investments as the demand and traffic at our hotels and properties are rising much faster than expected,” Wallapa said in an interview Monday. “Higher bookings and revenue for our hotels offer us more confidence and cash flows to pursue more acquisitions and developments.”

The company, controlled by billionaire Charoen Sirivadhanabhakdi, more than doubled its first-quarter net income to 1.42 billion baht from 645 million baht a year earlier. It operates 19 hotels, nine shopping malls and four office buildings, according to its website. Charoen has a net worth of $14.8 billion, according to the Bloomberg Billionaires Index.

Wallapa spoke after elections that paved the way for opposition parties to gain power following nine years of rule by the conservative military-backed bloc.

The new government is expected to further emphasize steps to boost tourism, which is a major driver of economic growth and employment, according to Wallapa.

Asset World’s shares have declined 13% this year, compared with a 7.6% drop in the nation’s key stock index.