Asset World Corporation in Baht 26bn deal for 12 hotels, projects from TCC Group

Construction News
Bangkok Marriott Hotel The Surawongse

Asset World Corporation in Baht 26bn deal for 12 hotels, projects from TCC Group

03 January 2020

SET-listed developer Asset World Corporation Plc (AWC), owned by the Sirivadhanabhakdi family, plans to spend 26.23 billion baht to acquire 12 hotels and mixed-use projects from the family’s TCC Group.

Chief executive and president Wallapa Traisorat said the acquisition will immediately add 989 rooms to AWC’s portfolio and more than 2,500 rooms to the pipeline together with retail developments.

“We want to signal Thailand as a world-class tourism and lifestyle destination, acquiring these businesses under a share purchase agreement with TCC Group,” she said.

The 12 properties consist of four mid- to upscale hotels currently operating, including two in Bangkok: the Bangkok Marriott Hotel The Surawongse with 303 rooms, and Holiday Inn Express Bangkok Sathorn with 184 rooms.

The other two are the 180-room Phuket Marriott Resort and Spa, Nai Yang Beach, and the 322-room Hua Hin Marriott Resort and Spa.

The other eight properties are hotels and mixed-use projects currently undergoing renovation or development, with a total of more than 2,500 rooms.

A highlight is AWC Centre Pattaya, a new large mixed-use project consisting of the JW Marriott Hotel The Pattaya Beach Resort and Spa and Pattaya Marriott Marquis Hotel with a total of 1,298 rooms.

Also included in the complex is Aquatique, a lifestyle exploration and adventure mecca. Aquatique will reveal the hidden tales and secrets of the great sea.

Banyan Tree Jomtien Pattaya Hotel, a hidden sanctuary that is a stone’s throw from Bangkok, is set to become a luxury resort on Jomtien beach with a total of 150 rooms and villas, as well as several future projects.

“The acquisition should enhance the capacity and diversity of our portfolio and bring accelerated growth in performance within five years,” she said.

The new assets will make AWC the largest hotel owner in Thailand for the midscale and higher segments based on the total number of rooms.

With this acquisition, AWC will have a total of 27 operating hotels and more than 8,500 rooms after completion under the management of leading international hotel brands.

AWC shares closed yesterday on the SET at 5.70 baht, down 15 satang, in trade worth 154 million baht.