Listed Thai Firm Acquires European Hotel Chain

Category: Hotels, Posted:27 Feb 2017 | 06:00 am

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.

Other News

C9 Hotelworks Releases New Phuket Hotel Market Update Report

Category: Hotels|Tourism, Posted:16 Mar 2023 | 00:29 am According to C9 Hotelworks new Phuket Hotel Market Update 2023, the resort island’s tourism recovery has accelerated over the past six months. With the removal of Thailand’s pandemic travel restrictions in 2022, airlift quickly ramped up as India and Malaysia were key early source markets. Over the current winter season aside from the return of […]

Destination Ink Radisson For Patong Hotel

Category: Hotels, Posted:12 Mar 2023 | 23:16 pm Phuket’s hotel brand conversion trend is continuing, with the latest move having Radisson sign a deal for a 390-room hotel in Patong. Owned by the Destination Group, the property will be branded as a Radisson. This is the fourth recent conversion by Destination with one more Radisson and two Holiday Inns by IHG. Expect more […]

Hilton Phuket Arcadia Reflagged To ACCOR’s Pullman Brand

Category: Hotels, Posted:03 Mar 2023 | 07:35 am One of Phuket’s largest hotels, the 662-room Hilton Phuket Arcadia Resort has been reflagged under ACCOR’s Pullman brand. The hotel, which will be named Pullman Phuket Arcadia Karon Beach Resort will operate as a Pullman effectively in April of this year, and a staggered 24-month refurbishment program undertaken. With this addition, there will be three […]

More Insider News