Hyatt just announced a major deal with a leading Thai real estate group to add multiple properties across the Kingdom. If all the properties are realized, Hyatt’s growth spurt in Thailand will add up to 1,000 new rooms.
Asset World Corporation (AWC), Thailand’s leading integrated lifestyle real estate group and Hyatt Hotels Corporation (NYSE:H), and their affiliates recently signed a Framework Agreement for the development and management of new hotels under various Hyatt brands in locations across Thailand. The Framework Agreement outlines the expected development of more than 1,000 new rooms across multiple Hyatt-branded hotels, which will give guests, customers, and World of Hyatt members even more hotel offerings and experiences in key tourism destinations throughout the country. This Framework Agreement will position AWC as a major owner of Hyatt-branded hotels across Thailand.
There are no details at this time as to the timing of new properties, nor under which Hyatt brands they’ll be operated but there is ample opportunity for Hyatt to grow in the Kingdom. As an example there currently is no Andaz or Thompson in Bangkok, while a Hyatt Centric would fit well in Pattaya. This is a big win for Hyatt which has been previously under represented in one of the world’s most important tourist and MICE destinations.
“We are greatly delighted to strengthen our relationship and start our collaboration with Hyatt in building a better future together and creating the top world class product to uplift the benchmark of tourism industry in Thailand,” said Chief Executive Officer and President Wallapa Traisorat, Asset World Corp Public Company Limited (AWC). “Working with Hyatt will allow us to offer a unique prospect for both business and leisure customers by offering them top standard of services.”
AWC currently offers 18 properties in Thailand with nearly 5,000 keys (or rooms). This include hotels operated under Marriott Hotels, The Luxury Collection, Le Méridien, Sheraton, Courtyard by Marriott, Banyan Tree, Hilton, Double Tree by Hilton, Holiday Inn Express, Meliá and Okura.
“Our continued collaboration with global hotel brands enables us to create an exceptional customer experience and better respond to diversified consumer and traveler preferences. While this endeavor helps enrich Thai tourism resources to attract a wider tourist base from across the world, the new hotels will also complement our growing hospitality portfolio to better capture discerning tastes and preferences of sophisticated travelers from around the world,” Wallapa added.
AWC will develop the new properties that will be placed in Hyatt’s upper upscale, luxury and lifestyle brand portfolios.
The hotels are expected to be in key tourist destinations throughout Thailand, including Bangkok, Chiangmai, Chiangrai and Pattaya. These upcoming projects are expected to have a positive influence on real estate and tourism in the country, making Thailand a highly desirable destination to visit.
“The signing of this Framework Agreement supports our commitment to growing Hyatt’s brand presence in Thailand,” said Hyatt Group President David Udell, Asia-Pacific. “Our collaboration with AWC, one of Thailand’s most well-known and respected real estate conglomerates, will enable us to expand Hyatt’s brand portfolio, with a focus on growing its lifestyle offerings, in the destinations that matter most to our guests and World of Hyatt members. We are excited to have AWC’s deep knowledge and expertise in both hospitality and the Thai market, which will enable us to introduce brands that will cater to a broader premium market segment, and bring new and unique options to the current hospitality landscape.”