Asset World Corporation, a leading real estate developer in Thailand focused on providing comprehensive lifestyle solutions, has announced the acquisition of 12 hospitality and mixed-use property projects under the Group 3 asset purchase agreement from 2019. This acquisition will immediately add 989 hotel rooms and over 2,500 additional rooms from projects currently under renovation or development, along with future mixed-use and retail developments.

Nawallapa Traisorat, CEO and Managing Director of Asset World Corporation Public Company Limited (AWC), stated, "With our commitment to creating a better future and establishing Thailand as a truly global destination for tourism and lifestyle, while also ensuring sustainable growth, we are moving forward with the acquisition of Group 3 assets as per the 2019 share purchase agreement. This includes four operational hotels ranging from Midscale to Upper Upscale, namely Bangkok Marriott The Surawongse, Holiday Inn Express Bangkok Sathorn, Phuket Marriott Resort and Spa, and Hua Hin Marriott Resort and Spa, along with eight additional hotels and mixed-use properties currently under renovation or development, with a total investment value exceeding 26.229 billion baht. This will enhance the potential and diversity of our hotel and service portfolio, which is expected to generate significant revenue growth within five years."

The operational hotels in Group 3 are distinguished by their operational potential and locations. Bangkok Marriott The Surawongse is an Upper Upscale hotel with 303 rooms, being the first Marriott hotel in Bangkok to offer both hotel rooms and innovative room types with complete amenities, catering to group travelers, families, or long-stay guests. It was awarded the number one hotel in Bangkok on TripAdvisor within eight weeks of opening. Additionally, it is in the early ramp-up phase, which is expected to significantly enhance operational performance, with an average revenue per available room (RevPAR Index) for Q3 2019 reaching 149.4% compared to similar hotels. Meanwhile, Holiday Inn Express Bangkok Sathorn is a Midscale hotel located in the heart of Sathorn and Silom, featuring 184 rooms and awarded the Loved by Guests 2019 from Hotels.com, reflecting high guest satisfaction.

Outside of Bangkok, the Group 3 hotels effectively cater to the lifestyle needs of travelers. Phuket Marriott Resort and Spa in Yang Beach is an Upper Upscale beachfront resort offering a tranquil and private atmosphere with 180 rooms and pool villas, also a popular wedding venue, recognized as one of the Best International Wedding Hotels in the World 2019 by International Hotel Awards. Its RevPAR Index for Q3 2019 reached 145.2%. On the other hand, Hua Hin Marriott Resort and Spa is an Upper Upscale resort featuring 322 modern rooms, five swimming pools, and a loop pool, awarded Best Luxury Resort Hotel Asia Pacific 2019 by International Hotel Awards, with a RevPAR Index for Q3 2019 reaching 171.6%.

Additionally, Group 3 also includes eight hotels and mixed-use properties currently under renovation or development, totaling over 2,500 rooms, with notable projects such as AWC CENTER PATTAYA, a mega mixed-use project in the heart of Pattaya, featuring JW Marriott The Pattaya Beach Resort and Spa and Pattaya Marriott Marquis with a total of 1,298 rooms, as well as Aquatique, an iconic lifestyle shopping destination in Pattaya, designed with retro-futuristic architecture, creating a hub for lifestyle shopping and adventure that travelers should not miss, allowing them to experience legends and secrets of the sea. There is also Banyan Tree Jomtien Pattaya, a luxury beachfront resort catering to urban dwellers from Bangkok and surrounding cities, featuring a total of 150 rooms and villas, along with numerous future development projects.

The acquisition of Group 3 assets will position Asset World Corporation as the largest hotel owner in Thailand in the Midscale and above category, based on the total number of rooms across the company, strengthening the hotel and service portfolio to meet diverse customer demands. Once all development projects are completed, Asset World Corporation will operate a total of 27 hotels with over 8,500 rooms, managed by leading international hotel management companies such as Marriott International Inc., Hilton, Banyan Tree, Melia, IHG, and Okura, along with a loyalty program network of over 290 million members. Through diverse mixed-use developments, Asset World Corporation is committed to creating travel destinations in Bangkok and Pattaya to build a better future for all stakeholders and communities sustainably.

Note: (1) The purchase price of the assets will be adjusted later when the financial statements of Group 3 assets have been audited by the company's auditors. This adjustment will include changes based on the factors of net working capital.

Thank you for the information from www.assetworldcorp-th.com