Sansiri Investing USD80 Million Into Hotel And Lifestyle Sectors
Thai-listed property firm Sansiri has undertaken an ambitious overseas investment drive into the hospitality sectors and lifestyle brands.
First up is USD58 million for a 35% interest in US-based upscale boutique hotel group Standard International.
Standard operates 5 hotels in Los Angeles and New York under their core brand, another 7 under the Bunkhouse moniker and restaurants in three key US cities.
Additionally, the group has a mobile hotel booking application One Night Stand.
In other deals Sansiri has invested USD5.9 million into the Media Group Monocle, who are most famous for their global lifestyle magazine.
While the final transaction is 5 million pounds into online property management platform Hostmaker.
Looking at documents filed with the SET (Stock Exchange of Thailand) Sansiri has said they intend to develop Standard and Monocle branded residences.
The group is also making headlines in Bangkok over documents filed with the stock exchange that Sansiri has entered into an MoU with Pace Development to acquire Nimit Langsuan and 53 condominium units in the Ritz-Carlton Residences at the MahaNakon.