Bangkok Post – Sansiri completes sale of Standard Hotel stake to Hyatt

The Thai residential developer will continue to own five hotels and expects to benefit from collaboration with a global chain

The SET listed developer Sansiri Plc (SIRI) announces that the sale of its majority stake in the company has been successfully completed hotel Group Standard International, which has now been taken over by Hyatt.

“This strategic exit represents a significant milestone for Sansiri and paves the way for a new era of collaboration with one of the world’s leading hospitality companies,” the company said in a statement on Wednesday.

Sansiri announced an agreement in August to sell its shares in US lifestyle hotel group Standard International to Hyatt Group.

The agreement called for Hyatt to pay $150 million on the closing date, with up to an additional $185 million over time as additional properties are added to the Hyatt portfolio.

Sansiri will continue to own four hotels, including three in Thailand and one in New York, under a new subsidiary brand called The Manner.

The company said Wednesday that its properties would now benefit from Hyatt's powerful global infrastructure and loyal member base, which would “significantly expand their global reach.”

Sansiri-owned properties include The Standard and The Standard Residences in Hua Hin, The Peri Hotel, Hua Hin; The Peri Hotel, Khao Yai; and The Manner in SoHo, New York.

The company, founded by former prime minister Srettha Thavisin, said it had no immediate plans to acquire more hotels but would focus on its core residential development business.

On overall business performance, Sansiri said pre-sales for the nine months ended Sept. 30 reached 37 billion baht, or 71% of the full-year target of 52 billion baht. The value of the property transfer reached 31 billion baht, or 72% of the target.

President Uthai Uthaisangsuk recently said net profit this year is expected to surpass last year's 6.06 billion baht, a record high.

(photo provided)

(photo provided)