Asset World Corporation Acquires dusitD2 Chiang Mai, Thailand For 435m Baht – US$13m
Main Photo: The dusitD2 Chiang Mai pool area
Date: January 2022
Name: dusitD2 Chaing Mai
Location: Chang Khlan Road, Chiang Mai, Thailand
Number of Keys: 130
Seller: Dusit Thani REIT Co.
Buyer: Asset World Corporation – AWC
Asset World Corporation moves forward to expand its portfolio and promote tourism in the northern province of Thailand. On 14 December 2021, AWC’s board meeting approved the acquisition of dusitD2 Chiang Mai from Dusit Thani Properties REIT Company Limited worth 435 million Baht located at the heart of the city’s Night Bazaar with an aim of achieving its strategy with a legendary and globally recognized Thai brand, delivering impressive hospitality services of a famous hotel chain, and stimulating tourism in the north at the year’s end to make Chiang Mai a global travel destination.
Mrs. Wallapa Traisorat, CEO and President of Asset World Corp Public Company Limited, Thailand’s leading integrated lifestyle real estate group, heads up AWC
Given it’s popular location filled with cultural arts, restaurants, entertainment, historical attractions, meeting places, seminar venues, and accommodation, Chang Khlan Road has become a new tourist spot in the heart of Chiang Mai. The organisation plans to connect its services to serve the needs of young travelers and business travelers, allowing AWC to respond to the needs of tourists in all segments and making Chiang Mai another popular destination for travelers from all over the world.
Mrs. Wallapa states that the agreement is a collaboration between AWC and Dusit Thani Group, a legendary Thai hotel chain which has been operating for a long time, to promote tourism and enhance the potential of AWC’s properties to meet the diverse lifestyle and travel needs of tourists. The country’s reopening and the government’s measures to promote domestic tourism have sharply increased the demand for local tourism, especially in Chiang Mai, a popular tourist destination in the north of Thailand which is famous for its culture, natural attractions, and local cuisine.
“AWC is honored to partner with dusitD2 Chiang Mai, a famous and well-recognized hotel. This is the beginning of a long-term value-creating relationship. We believe in this collaboration, which can be a gateway that connects tourism from Chiang Mai to other second-tier cities in the nearby provinces,” states Mrs. Wallapa.
The REIT will hold a trust unit-holder’s meeting to consider and approve the sales agreement on 27 January 2022. After completing the agreement, Dusit Thani Group will continue to manage dusitD2 Chiang Mai to welcome the return of Chiang Mai’s tourism. We are confident that this strategic co-operation will be able to meet the needs of travellers who seek to stay in a prime location with easy access to popular tourist attractions or Chiang Mai’s business district. AWC plans to further develop dusitD2 Chiang Mai into a quality property in its portfolio that can connect to other quality projects in Chiang Mai and throughout the country.
Asset World own some 20 hotels, just shy of 5,000 keys including Marriott Hotels: The Luxury Collection, Le Méridien, Sheraton, Courtyard by Marriott, Banyan Tree, Hilton: Double Tree by Hilton, IHG: Holiday Inn Express, Meliá and Okura, all in Thailand.
Price: 435m Baht – just over US$13m
Price per Key: Around US$100k
THPT Comment: Great move for both companies and strengthens the ties for both, although AWC has some pretty good relationships with the major global brands
First Seen: Asset World press release
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