-36% YoY from 2Q22 which had a high base of marketing expenses following the border re-openings after improved Covid-19 situation. It decreased -21% QoQ from cost control measures in advertising and
planned. In 4Q19, the Company expects to open 3 new hotels in the Philippines and China. This will result in the total of 10 hotel openings in 2019. For luxury villa management business under the Elite
openings to 5 hotels in 2020. Following the opening of dusitD2 Salwa Doha in Qater (March), Dusit Beach Resort Guam in USA was opened (June) and Dusit Thani Wellness Resort Suzhou was opened in China (July
-openings. However, towards the middle of the year, the rising inflation and continuous increase in energy costs limited private consumption and signaled a global economic slowdown, raising spending concerns