AWC approached to buy over 100 hotels
Owners of more than 100 hotels have asked Asset World Corporation (AWC) to purchase their facilities as the Covid-19 crisis had dramatically hit the accommodation business in Thailand, AWC director Wallapa Traisorat said.
He explained that the hotels proposed to AWC were three to five star ones, with a price range around Bt100 million to Bt10 billion. Some of the hotels were proposed via Frasers Property, owned by Charoen Sirivadhanabhakdi.
Wallapa said the AWC aimed to set up an opportunity fund of Bt10 billion to attract foreign investment if it purchases these hotels.
She said the AWC had entered into discussions with both domestic and foreign banks on establishing the fund, which was expected to be ready in early 2021.
“Of the more than 100 hotels offered to us, we found around 30 per cent matched our corporation’s DNA. If we do purchase these hotels, we will rebrand them and [hope to] make money immediately,” Wallapa said.
The AMC plans to invest around Bt55 billion under a five-year plan from 2020 to 2024. More than Bt30 billion will be invested in underdeveloped projects, while Bt20 billion would be held for investing in other “interesting” projects in the future, she added.
