Ignite Venture Co Ltd has acquired the Montien Hotel precinct in Silom, a bustling business area in Bangkok, according to a press release on Thursday.
The acquisition includes the Montien Hotel Surawong Bangkok, a 500-key heritage hotel, along with Surawong Residences, a 179-key serviced residence, the Montien Shopping Mall and associated car park facilities.
Backed by Bangkok-based boutique private equity firm Jade Partners and global investment firm Aura Group, the deal also includes leasehold rights secured from The Thai Red Cross Society, covering a 10-rai plot in Silom, with an accumulated lease value of over 2.5 billion baht for the 25-year term.
As part of the transaction, the previous leaseholder, Tantakitt Co Ltd, will retain a minority stake in Ignite Venture to ensure continuity.
Ignite Venture, established in 2024 for the purpose of acquiring the hotel, has appointed Thai hotel operator Conduit House to manage the hotel and associated properties.
The company aims to upgrade the hotel to a 4.5-star standard through service enhancements and renovations, starting with guest rooms and expected to be completed by the end of 2025.
"The hotel and tourism sector is a key growth driver for Thailand that has never failed us, proven time and again, and recently has exceeded expectations," Ignite Venture director Panon Leelamanit said. "Thailand is not just a leading destination for tourism but also one of the few countries in the world that enjoys repeat visits due to its hospitable people, outstanding cuisine, and diverse sights and landmarks."