Asset World Corporation Partners with InterContinental Hotels Group
Announces Management Agreements for 5 Hotels and Resorts, Strengthening Thailand's Tourism Industry

Strategically developing 5 properties with over 1,200 rooms in Bangkok and Pattaya

 

 

Bangkok, June 18, 2021 - Asset World Corporation Public Company Limited (AWC), a leading Thai real estate developer focused on comprehensive lifestyle solutions, has signed 5 new agreements with the InterContinental Hotels Group (IHG), a global leader in hospitality, to strengthen and prepare for the recovery of Thailand's tourism industry later this year, aiming for sustainable growth.

 

The real estate agreements cover the development of a newly constructed luxury hotel in Yaowarat, the InterContinental Bangkok Chinatown (Wang Nakhon Kasem Project), along with two other projects in Yaowarat and Pattaya, totaling 629 rooms, as well as 2 hotels under the Kimpton brand.

 

Naowalapa Traisorat, CEO and Managing Director of Asset World Corporation (AWC) stated, “AWC remains confident that Thailand's tourism industry has a bright future in the long term, thus continuing to implement investment strategies, including this collaboration with IHG, which will diversify our portfolio and deliver impressive experiences while meeting customer demands on a broader scale. This will enhance Thailand's tourism potential by expanding our customer base to the middle to upper segments, which are expected to grow in the near future, targeting tourists from around the world who value international service standards.”

 

“We believe that partnering with a global leader like the InterContinental Hotels Group (IHG) will enable us to continuously elevate the standards of Thailand's tourism industry, strengthening our ability to attract tourists from around the world to appreciate Thailand's quality projects,” she added.

 

The InterContinental Bangkok Chinatown (Wang Nakhon Kasem Project) is set to open in 2026 and will be a luxury hotel with 332 rooms, located in a vibrant mixed-use project, becoming a unique destination and a new landmark in Wang Nakhon Kasem, the historic area of the Chinese community. It will also feature 2 boutique hotels and long-stay serviced apartments, retail space, and the largest underground retail store in Bangkok, designed to harmonize with the vibrant city landscape, offering carefully curated amenities, making it a new tourist attraction in the Yaowarat area.

 

By combining globally recognized brands with the wonders of local culture, the InterContinental Bangkok Chinatown will feature 3 restaurants, a bar, a swimming pool, a fitness center, and 8 meeting rooms, covering over 1,382 square meters.

 

The agreements also include a boutique hotel that transforms a traditional four-story commercial building into a 63-room hotel with a Michelin-starred restaurant, and another long-stay serviced apartment with 105 rooms under the InterContinental Residence brand, offering one, two, and three-bedroom options through stylish designs that align with the genuine needs of visitors to the “Heritage of Asia City.”

 

Additionally, there will be another hotel in Pattaya, currently under development, set to open in 2023, located in the Aquatique area, a unique tourism landmark in Pattaya. This area will be a hub for entertainment and lifestyle activities, including hotels, retail shops, restaurants, and meeting spaces, with 224 rooms and suites, 4 restaurants, a rooftop bar, a swimming pool, a spa, and 6 meeting rooms covering over 670 square meters.

 

These projects will showcase outstanding architecture while delivering unique experiences, alongside creating value for the community, society, and the environment, which will enhance Thailand's competitiveness as a tourism destination and promote the tourism industry in attracting tourists from around the world post-COVID-19, accommodating both business travelers and leisure tourists. This partnership will result in AWC increasing its room inventory by 1,109 rooms, from the current 9,027 rooms to a total of 10,136 rooms.

 

Serena Lim, Vice President of Business Development for Southeast Asia and Korea at InterContinental Hotels Group (IHG) stated, “We are excited to work with AWC, a long-term partner, to launch these five outstanding properties across Bangkok and Pattaya. We are confident that we will deliver exceptional service experiences and luxurious lifestyles for our customers.”

 

“InterContinental Bangkok Chinatown will be our third InterContinental hotel in Bangkok and the perfect choice for Wang Nakhon Kasem, one of the oldest districts in the city. Meanwhile, we are discussing with AWC about two more hotels in our agreement in the Bangkok and Pattaya areas.

 

We plan to double our portfolio in Thailand within the next 3-5 years, and these joint signings represent a strong growth direction for IHG in Thailand and Southeast Asia. We look forward to working closely with AWC to expand diverse services and lifestyles and to make IHG brands more widely recognized in this beautiful country,”

This agreement is part of the long-term collaboration between AWC and IHG to manage over 1,200 rooms across Thailand, including the InterContinental Chiang Mai Mae Ping with 306 rooms set to open in 2022, promoting the partnership between AWC and IHG as a globally recognized brand known for management, health and safety standards, a strong and extensive global distribution platform, as well as consistent sales campaigns and professional teams that attract customers.

 

Thailand remains a strong growth market for IHG with 32 hotels from 8 brands in the country and another 33 in the pipeline. This new signing is part of the company's goal to grow its luxury and lifestyle portfolio in Thailand by 50%, including properties across all brands in the country.