Thai Group Acquires Hong Kong Serviced Apartment Chain
Growing market liquidity in the hospitality sector is fueling expansion plans with the announcement of the acquisition of Hong Kong's Shama serviced apartment chain by Thailand's Onyx Group (formerly known as Amari Hotels & Resorts).
Shama has 13 properties in Greater China (i.e. Hong Kong and the mainland) as well as an opening coming up in Bangkok. The Onyx stable of brands includes Amari, and newly launched Saffron and Ozo monikers. Newly acquired Shama will be the fourth brand specializing in the growing serviced apartment sector.
Onyx's first Saffron which is the Oriental Residences on Wireless Road is set to open next year. The Group's founder Yuthachai Charanachitta is the son of Adison Charanachitta who is best known for the Italthai conglomerate and iconic Oriental Hotel in Bangkok.
As Thailand's bath strengthens expectations are for strong balance sheet companies to venture abroad with transaction activity expected compound in the next 6-12 months.
Despite investor's international appetite, two high profile Phuket hotel's are expected to change ownership prior to the end of the year marking renewed confidence in the resort island.