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    AWC   TH9436010002

ASSET WORLD CORP PUBLIC COMPANY LIMITED

(AWC)
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Asset World Public : IHG Hotels & Resorts announces triple Thailand signing with long-standing partner Asset World Corporation

06/21/2021 | 04:13am EDT

* Three Bangkok and Pattaya properties boost strategic agreement to jointly develop more than 1,200 rooms

IHG Hotels & Resorts, one of the world's leading hospitality companies, is proud to announce the signing of three hotels in Thailand with long-standing partner Asset World Corporation (AWC), the country's leading integrated lifestyle real-estate group.

The multi-property agreement includes the new-build InterContinental Bangkok Chinatown - the first luxury hospitality development in the area - and two further projects in Chinatown and Pattaya, totalling 629 rooms.

Rajit Sukumaran, Managing Director, South East Asia & Korea, IHG, said: "We're excited to work with our long-standing partner Asset World Corporation to unveil these three outstanding properties across Bangkok and Pattaya. Together, they will provide an extraordinary luxury hospitality, retail and lifestyle experience for our guests.

"InterContinental Bangkok Chinatown will be our third InterContinental hotel in Bangkok, and is the perfect choice for Verngnakornkhasem, one of the oldest neighbourhoods in the city. Meanwhile, we're in advanced discussion with AWC regarding the brand positioning of the other two properties in our agreement, in Bangkok and Pattaya.

"We plan to double our portfolio in Thailand in the next three to five years and these signings represent the strong growth momentum of IHG in Thailand and South East Asia. We look forward to working closely with AWC to expand their diverse hospitality and lifestyle offerings and bring our IHG family of brands to city and resort destinations throughout this wonderful country."

Wallapa Traisorat, Chief Executive Officer and President, Asset World Corporation (Plc), AWC, added: "AWC remains confident Thailand's tourism industry has a strong future and will continue with its investments.

"The expansion of our cooperation with IHG further diversifies our hospitality portfolio and allows us to deliver even more impressive experiences while meeting a wider array of customer demands, in turn bolstering the potential of Thailand's tourism sector to expand its customer base. It will also deliver experiences that will attract tourists from across the globe who emphasise selection and international service standards."

"We're delighted to partner with IHG Hotels & Resorts, who share our vision of bringing world-class destination concepts to Thailand. Signing an agreement with a world-class partner coincides with our quality development plan and we share a vision towards creating a better future through sustainable growth. This collaboration also reaffirms our dedication to playing a part in enhancing Thailand's tourism competitiveness. Our projects will feature distinct architectural designs as well as impressive experiences while also generating value for their surrounding communities, society and the environment," Wallapa further stated.

"As the first luxury hospitality development in Chinatown, InterContinental Bangkok Chinatown is sure to instantly become an iconic landmark in Bangkok, while our other hotel in Chinatown will elevate the mixed used development project, and offer a fantastic lifestyle experience to our guests."

Set to open in 2027, the 332-room InterContinental Bangkok Chinatown hotel will be located within a vibrant mixed-use development in historic Verngnakornkhasem. It will feature two hotels, residences and a retail mall, including a 24-hour food centre on Charoen Krung Road.

Combining the brand's world-renowned reputation with the wonders of local culture, the hotel will feature three restaurants and bars, as well as a swimming pool, fitness centre and a vast 1,400 square metres of events and meeting space supplemented by eight private rooms.

The mixed-use development will also boast the second property under this agreement - a 63-room lifestyle boutique hotel, converted from traditional four-storey shophouses to provide a stylish and authentic stay for visitors to the "Heritage of Asia City".

Visitors will be spoilt for choice as they enjoy the biggest array of underground retail outlets in Bangkok, a heritage walk and an entertainment boulevard with space for festive celebrations and cultural performances. A new historical and cultural attraction - "The Golden Pagoda" - is under commission, as well as the construction of an entrance gate to welcome people into the history and culture inspiring destination.

A short drive to Suvarnabhumi International Airport, the development is located close to popular tourist attractions including the Grand Palace, the shopping district, Sathorn and Silom. It will form part of the transformation of Verngnakornkhasem and ensure its status as a "must-visit" destination.

Another boutique hotel under the agreement - will open in Pattaya in early 2024. Located within the Aquatique district, Pattaya's first iconic lifestyle destination, it will be at the heart of a major lifestyle and entertainment complex featuring hotels, retail and dining outlets, and convention spaces. With 234 rooms and suites, the hotel will also feature restaurants, a rooftop bar, a swimming pool, spa and meeting rooms in excess of 670 square metres.

The triple signing is part of a long-standing partnership between IHG and AWC to manage a portfolio of properties offering more than 1,200 rooms across Thailand, including the 306-room InterContinental Chiang Mai Mae Ping Hotel that will open in 2022.

IHG and AWC are also exploring opportunities for the Kimpton brand, a design-led luxury boutique hotel with award-winning restaurants and bars, and heartfelt service in leading resort destinations within Thailand.

Thailand continues to be a strong growth market for IHG, with 32 hotels across eight brands in the country and another 33 properties in the pipeline.The new signings are part of the company's aim to grow its Luxury and Lifestyle portfolio in Thailand by 50%, as well as its estate, across all of its brands, in the country.

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(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

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Sales 2021 4 602 M 138 M 138 M
Net income 2021 -2 228 M -66,6 M -66,6 M
Net Debt 2021 48 368 M 1 446 M 1 446 M
P/E ratio 2021 -66,3x
Yield 2021 -
Capitalization 145 B 4 346 M 4 343 M
EV / Sales 2021 42,1x
EV / Sales 2022 21,2x
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Free-Float 23,3%
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Karn Prativedwannakij Chief Financial Officer
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