Sirivadhanabhakdi family-owned Asset World Corp PCL is planning to buy 12 hotels and mixed-use properties from TCC Group PLC for 26.23 billion Thai baht, The Bangkok Post reported Jan. 3.
The company's CEO and president, Wallapa Traisorat, said the potential purchase would add 989 rooms to Asset World's portfolio and more than 2,500 rooms to the pipeline together with retail developments.
Among the 12 properties are the 303-room Bangkok Marriott Hotel The Surawongse and the 184-room Holiday Inn Express Bangkok Sathorn in Thailand's capital, as well as the 180-room Phuket Marriott Resort and Spa, Nai Yang Beach and the 322-room Hua Hin Marriott Resort and Spa. The company is also looking to buy eight properties undergoing renovation, including the AWC Center Pattaya mixed-use project.
Following the proposed acquisition, Asset World will be Thailand's largest hotel owner for the midscale and higher segments based on the total number of rooms, operating 27 hotels and more than 8,500 units.
As of Jan. 3, US$1 was equivalent to 30.17 baht.