Listed Thai Firm Acquires European Hotel Chain
Bangkok-based U City Public Company Limited has acquired eight hotels and a management company in Europe.
The transaction which is just over THB12 billion brings full ownership of the Austrian owning company AcquiCo and Vienna Hotel Management AG with the operating properties located in both in Central and Eastern Europe.
U City was formerly Natural Park PLC and in 2015 bought over BTS Asset Company Limited and Kamkoong Property Company Limited.
Capital flight from Thailand into Europe has continued despite the BREXIT scare, given rising development and operating costs in Asia and relative favorable value of hotel assets outside the region.