The SET-listed developer Sansiri Plc (SIRI) says it has successfully concluded the sale of its majority stake in the hotel group Standard International, which has now been acquired by Hyatt.
“This strategic exit marks a significant milestone for Sansiri, paving 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 in August announced an agreement to sell its holdings in the US-based lifestyle hotel group Standard International to the 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 enter Hyatt’s portfolio.
Sansiri will still own four hotels, including three in Thailand and one in New York, under a new subsidiary brand named The Manner.
The company said on Wednesday that its properties would now benefit from Hyatt’s powerful global infrastructure and loyal member base, “significantly enhancing their global reach”.
Among Sansiri’s owned properties are 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.
Discussing its overall business performance, Sansiri said presales for the nine months to Sept 30 had reached 37 billion baht, or 71% of its full-year target of 52 billion. Ownership-transfer value reached 31 billion baht, or 72% of the target.
President Uthai Uthaisangsuk said recently that net profit this year was expected to exceed the 6.06 billion baht recorded last year, which was a record high.
(Photo supplied)
(Photo supplied)