Asset World Corporation (AWC) announces strategic partnership

Asset World Corporation (AWC) announces strategic partnership

with IHG (InterContinental Hotels Group), for the development of more than 1,200 rooms in Thailand

Asset World Corporation (AWC), Thailand's leading integrated lifestyle real-estate group, is gearing up to build a better future in the new decade with the announcement of a Framework Agreement with IHG® (InterContinental Hotels Group), one of the world's leading hotel companies. The partnership involves the development of hotels from both conversion and new developments totaling more than 1,200 rooms across various key tourism destinations in Thailand to be managed by IHG. The project will start with the Hotel Management Agreement for InterContinental Chiang Mai Mae Ping Hotel, Thailand’s first living museum hotel concept where every facet is enriched with history and the spirit of authentic Lanna heritage and culture. The hotel is positioned to accommodate the thriving MICE industry in Chiang Mai and Thailand with 306 guest rooms and over 3,600 sq.m. of indoor and outdoor conventions, events and meeting spaces.

“With our passionate ambition to make Thailand a truly world-class tourism destination, we are keen to extend our partnership with IHG, a global organization with a broad portfolio of hotel brands, in order to pursue both parties’ shared vision in raising the benchmark of Thailand’s tourism industry and thus building a better future for the country’s economy,” Wallapa Traisorat, CEO and President of Asset World Corp Public Company Limited (AWC), said. “Partnering with IHG is a testament to our unique business model in collaborating with internationally renowned hotel operators. One of IHG’s brand, InterContinental Hotels & Resorts, offers a distinctive style and ambience, from historic buildings to city landmarks and immersive resorts in every corner of the globe. This makes InterContinental Hotels & Resorts a perfect partner that boasts a shared vision with AWC and a perfect brand to develop InterContinental Chiang Mai Mae Ping Hotel.” 

Serena Lim, Vice President of Development at IHG in the Southeast Asia and Korea region, said that “Thailand is an important market for IHG as a top travel destination for business and leisure alike. Partnering with AWC, a leading developer well versed in the Thai hospitality scene, helps us continue to build on our growth momentum in the country, as well as forge ahead in expanding our global portfolio of brands in new destinations.” 

As the world’s first international luxury travel hotel brand, InterContinental Hotels & Resorts has been pioneering new international destinations for decades. The brand sets itself apart by delivering world-class standards of sophistication through their superior, understated service and exceptional amenities. It is famed for its devotion to the comfort and wellbeing of guests through personalized and attentive services. IHG’s loyalty programme IHG® Rewards Club of more than 100 million enrolled members also provides access to a global following of travellers.

The new agreement between AWC and IHG will serve to extend the strong bonds of partnership between the two entities as proven by past successes in the development and management of Holiday Inn Express Bangkok Sathorn. The hotel has received the “Loved by Guests 2019” award from Hotels.com and the Best Budget Hotel in Asia Pacific 2019 from TTG Travel Awards 2019, proving a high level of satisfaction from customers.

Under this partnership, AWC and IHG will start with a conversion of the prestigious Imperial Mae Ping Hotel, which has long been at the forefront of Chiang Mai’s hospitality scene throughout its 31 years of operation. Notably, Imperial Mae Ping Hotel was largely responsible for introducing Chiang Mai as a major tourism destination to the international market. This iconic hotel was chosen as the first hotel in Chiang Mai to host an APEC summit in 2003, in addition to numerous international events, including the Thailand Travel Mart and many more. These opportunities have enabled the hotel to welcome a number of prestigious guests, including royals, heads of state and celebrities from across the world. The signing of the Hotel Management Agreement is expected to increase global awareness of Chiang Mai’s tourism potentials through IHG’s global distribution network. At the same time, it will showcase the charming history of Chiang Mai and the beauty of InterContinental Chiang Mai Mae Ping Hotel to the wider world. 

The InterContinental Chiang Mai Mae Ping Hotel is scheduled to open in 2021 and will continue its extension for a full operation in 2022. The hotel will set a new luxury hospitality benchmark in Chiang Mai, a major Northern Thai province blessed with all the ingredients for an ideal destination for both leisure and MICE travelers. The province’s tourism scene will accordingly become even more dynamic following the expansion of Chiang Mai International Airport, which is expected to increase its capacity to accommodate up to 16 million passengers in 2022. Similarly, a second airport in Chiang Mai’s San Kampaeng district, which is expected to be operational by 2025, will serve up to 10 million passengers annually. The MICE industry in Chiang Mai experienced 250% growth of international association meetings between 2013 and 2018.

Inspired by the renowned aesthetics, cultures, arts and cuisines of the Lanna Kingdom, InterContinental Chiang Mai Mae Ping Hotel will portray the timeless and lavish beauty of the Lanna era with a modern luxury essence. Located in downtown Chiang Mai in close proximity to the famous Chiang Mai Night Bazaar, Tha-Pae Gate, Warorot Market and other tourist attractions, the new InterContinental Chiang Mai Mae Ping Hotel will be a luxury accommodation for both leisure and MICE travelers with 306 guest rooms, 6 food & beverage outlets, and over 3,600 sqm of indoor and outdoor space for conventions, events and meeting spaces. At Lanna Spa guests can enjoy the benefits of a holistic green retreat infused with the ambience of traditional Lanna practices, beliefs and cuisines. The Teresa Teng Museum, which is currently located on the 15-floor suite of the hotel to commemorate the famous Taiwanese singer and cultural icon, will be conserved with plans to be converted into a specialty restaurant and rooftop bar where guests can experience its original set-up, decor and furniture when Teresa last stayed here over two decades ago.  

The Signing Ceremony 

This signing agreement extends the partnership between AWC and InterContinental Hotels Group with the anticipated development of over 1,200-room hotels in various key tourist destinations across Thailand, starting with the 306-room InterContinental Chiang Mai Mae Ping Hotel. Asset World Corporation expects to continue to further strengthen its long-term partnership with IHG to build a better future together.


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