Sansiri Public Company Limited (SIRI), a leading real estate developer in Thailand, has successfully closed a deal to sell the Standard International brand (Standard International) to Hyatt, a global hotel operator. Sansiri will continue its hospitality business to create future growth opportunities.

“Sansiri congratulates Hyatt on successfully acquiring the brand and the majority of subsidiaries of Standard International. We are confident that this will play a significant role in driving growth for the hotel business in Thailand and globally, benefiting consumers as well as Sansiri. Hyatt has a strong global infrastructure, particularly the World of Hyatt membership program, which offers numerous privileges and benefits that will enhance the strength of Sansiri's 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 recently launched in the Soho area of New York City. All these locations are popular destinations for travelers worldwide.


Importantly, Sansiri continues to prioritize its hospitality business and is looking for new investment opportunities in the future, as global tourism is expanding again due to tourism and economic stimulus policies. This has led to a positive trend in tourist confidence, making it an opportune time with positive momentum for the overall business.

For this deal, Sansiri has already received an upfront payment of $150 million. Additionally, through joint business operations (earnout), it could receive up to an additional $185 million for new hotels and residential projects managed by Hyatt.

Recently, Sansiri announced its sales and transfer figures for the 9-month period (ending September 30, 2023), reporting sales of 37 billion baht (71% of the annual target of 52 billion baht) and transfer figures of 31 billion baht (72% of the target of 43 billion baht). For the remaining period of the year in Q4, Sansiri plans to launch up to 13 new projects worth a total of 22 billion baht.

Analysts from Krungsri Securities maintain a ‘Buy’ recommendation, emphasizing Q4 due to interesting flagship projects, while the business plan for the second half of the year remains more aggressive than other companies in the sector, presenting an upside opportunity for net profit estimates in 2023. The strength of SIRI still comes from its high-end customer base in the low-rise segment, which has greater purchasing power than other groups.