AWC Set to Snap Up Westin Siray Bay Resort Phuket
Thailand’s growing hospitality conglomerate AWC (Asset World Corporation) has made public plans to acquire the 257-key Westin Siray Bay Resort and Spa Phuket.
It is also acquiring the Grand Mercure Windsor Bangkok which has 459-rooms
The AWC Phuket portfolio already includes the Phuket Marriott Resort and Spa Nai Yang Beach and Courtyard by Marriott Phuket Town.
Asset World, in an unrelated matter, cashed up for expansion earlier this year with a joint venture with Singapore sovereign wealth fund GIC to invest in the Thai hotel sector.
The move comes at a time when hospitality transaction activity on a broader scale for Thailand’s hotel assets is muted, given the lack of available debt to underwrite deals.
As for the Westin asset, the property was heavily reliant on the mass Chinese hotel market which has been on the sidelines since early 2020 and clearly under financial stress.