GROREIT Trust began trading on its first day on July 21, 2021, after receiving an excellent response, with the entire IPO sold out. The trust has a total value of 4.5 billion baht and highlights its feature as the first REIT Buy Back in the country, offering high and stable returns. Grand Asset remains confident that the hotel business will recover quickly, and plans to ensure that all employees across its five hotels are fully vaccinated against COVID-19 by August. The company is moving forward with plans to improve services at all hotels to accelerate revenue generation as the COVID-19 situation improves.

Mr. Witthawat Wipakool, CEO of Grand Asset Hotels and Property Public Company Limited, revealed that after the company, which includes Royal Orchid Hotel (Thailand) Public Company Limited, offered the Grand Royal Orchid Hospitality Property Trust with a buyback agreement, or GROREIT, from June 28 to July 9, it garnered significant interest, successfully selling the entire IPO to the public. The GROREIT trust, valued at 4.5 billion baht, has Wana Securities Co., Ltd. as the trust manager and distributor, and it officially registered and began trading on the Stock Exchange of Thailand on July 21, 2021.

"We would like to thank investors for their strong response to the GROREIT trust, which invests in the ownership of the Royal Orchid Sheraton Hotel. Despite the challenging investment atmosphere currently, where stock returns may be volatile, investing in GROREIT offers a stable return with high dividends, providing an overall return of approximately 8% per year (IRR), making it an attractive investment option," he stated.

GROREIT is a special type of REIT with investment conditions that differ from typical REITs, featuring a shorter investment period of just five years and being the first buyback REIT in Thailand. This represents one of the best fundraising methods. The company has also leased the property back for management, ensuring a solid rental guarantee, with plans to repurchase the hotel within five years, believing that the hotel business will recover quickly after the COVID-19 situation, especially for the Royal Orchid Sheraton, which has consistently generated good revenue for the company.

Mr. Witthawat further disclosed that throughout the COVID-19 pandemic, while the hotel business has been directly impacted, the company has adjusted its strategies to align with the situation to navigate this crisis, such as offering Staycation and Work from Hotel packages to provide comfortable accommodations and facilities for work. The company is also preparing to ensure safety for both employees and tourists, with all hotel staff across the five locations to be fully vaccinated against COVID-19 by August.

Additionally, the company plans to enhance various services across its hotel group to meet the current demands of customers. For instance, the Royal Orchid Sheraton will renovate its riverside restaurant, adding a variety of seafood dishes and a riverside bar to create a new relaxing atmosphere along the Chao Phraya River. The Westin Grand Sukhumvit will upgrade its Kisso restaurant by adding health-conscious menu options, while the bar will be redesigned to suit the lifestyle of current customers as a meeting place, given the hotel's prime location connecting BTS Asoke and MRT Sukhumvit for convenient travel. Hyatt Regency Bangkok Sukhumvit will introduce a Michelin-starred restaurant on the fourth floor, while the "Spectrum" rooftop bar in the heart of Sukhumvit will target the Gen Y and LGBTQ markets. Sheraton Hua Hin Resort and Spa and Sheraton Hua Hin Pranburi Villas are preparing to open a new beach bar and will offer Japanese cuisine from the Kisso restaurant at The Westin Grand Sukhumvit. Furthermore, Sheraton Hua Hin Pranburi Villas plans to transform its service into private onsen pool villas, catering to travelers seeking a private onsen experience with natural views in their accommodations. It is expected that by the fourth quarter of this year until early next year, the performance of the five hotels will improve significantly.

"However, the advancement of various business plans for the hotels depends significantly on controlling the spread of COVID-19. The government should expedite measures to address the rising outbreak, especially in the 13 provinces that are under strict control, by accelerating vaccinations to reach 70% by the third quarter, which is believed to be achievable, along with increasing the import of alternative vaccines as quickly as possible," he added.