Sansiri Public Company Limited (SIRI), a leading real estate developer in Thailand and major shareholder of Standard International, which includes The Standard and Bunkhouse hotel brands ranked in the Top 10 by Travel + Leisure’s World Best Awards 2023, has announced that it is in negotiations with Hyatt, a global hotel operator, for an investment in Standard International. This reflects Sansiri's success and vision in business operations and investment in Future Growth Business. Sansiri became the major shareholder of Standard International in 2017 and has played a significant role in driving the business forward. It is anticipated that Sansiri and Hyatt will finalize this major deal by 2024.

Hyatt's investment in acquiring Standard International is expected to greatly benefit Sansiri, as Hyatt has a strong global infrastructure, particularly with its World of Hyatt membership program, which offers numerous privileges and benefits. This will significantly strengthen Sansiri's properties. Following this upcoming deal, Sansiri will still own properties including The Standard, Hua Hin; The Standard Residences, Hua Hin; The Peri Hotel, Hua Hin; The Peri Hotel, Khao Yai; and The Manner, a luxury hotel set to open in New York City's Soho district in September 2024. Importantly, Sansiri continues to prioritize its hospitality business and seeks new investment opportunities in the future.

Mr. Uthai Uthaisangsuak, the CEO of Sansiri Public Company Limited, stated that Sansiri has been contacted by several large global hotel chains in the past, but they determined it was not the right time due to market conditions and strategic alignment with Sansiri's goals to ensure strong and stable growth for Standard International in the long term. Currently, global tourism opportunities are expanding again due to government tourism and economic stimulus policies, leading to a positive trend in tourist confidence, making it an opportune time with positive momentum for the overall business.

“As the No.1 real estate developer brand in Thailand, Sansiri thanks Hyatt, a leading global hotel brand, for recognizing the potential and growth opportunities of Standard International, one of Sansiri's hospitality businesses. This marks a significant step in the strategic development plan of Standard International. We are confident that Hyatt's acquisition will not only reflect the success of Sansiri's investment in Standard International but also create new opportunities in various aspects for customers and the Standard International team,” Mr. Uthai said.

The purchase agreement also includes management and franchise agreements for up to 21 hotels, totaling around 2,000 rooms, including already operational hotels such as The Standard, London; The Standard, High Line in New York; The Standard, Bangkok Mahanakhon; and boutique hotels like Hotel Saint Cecilia in Austin, Texas, and Hotel San Cristóbal in Baja California, Mexico. Upon reaching an agreement, Hyatt will make an initial payment of $150 million, with an additional payment of up to $185 million for new hotels managed by Hyatt.

In the first six months of 2024, Sansiri reported outstanding sales performance due to government measures stimulating the real estate market, generating total sales of 25 billion baht, which is 48% of the annual target of 52 billion baht. In terms of revenue, the first half achieved around 20 billion baht, accounting for 47% of the annual target of 43 billion baht, an 8% increase year-on-year. The net profit stood at 2.7 billion baht, ranking first in both revenue and net profit among publicly listed companies in Thailand's real estate development sector.

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