AWC Invests 8.7 Billion Baht to Acquire and Rebrand Swissotel Bangkok Ratchada
Asset World Corporation aims to transform the hotel into a JW Marriott by 2028.
Asset World Corporation (AWC), led by billionaire Charoen Sirivadhanabhakdi, has announced its acquisition of the Swissotel Bangkok Ratchada for a total investment of 8.7 billion baht.
The deal includes the purchase of Le Concorde Hotel Company, the owner of the Swissotel, for approximately 4.415 billion baht, with plans to rebrand the property to a JW Marriott hotel, expected to be operational by 2028.
The investment strategy is aligned with AWC’s goal to achieve robust growth by 2025, expanding its portfolio in the hotel and service industries, as well as commercial undertakings across nine highlighted projects with a total investment exceeding 22 billion baht.
The newly acquired Swissotel, which includes 407 guest rooms, will undergo significant renovations, alongside the development of the Jubilee Prestige Tower, which aims to introduce a lifestyle office space to the bustling Ratchada area.
AWC plans to allocate an additional 4.289 billion baht for the Jubilee Prestige Tower project that will encompass an innovative office building.
This will create a hybrid space combining wellness and luxury experiences, termed as AWC’s Lifestyle Destination, which AWC anticipates will generate immediate cash flow.
Vallepa Trisoras, CEO and Managing Director of AWC, stated that the acquisition covers a total office space of 45,792 square meters located in a key economic area.
This strategic move provides AWC with a new operational base in the Ratchada district, one of Bangkok’s fastest-growing economic zones, surrounded by embassies, multinational corporations, and key transportation links, including the BTS and MRT systems.
The Swissotel will continue to operate under its current brand until the end of this year, with its transformation slated to introduce a range of amenities, including dining options, a fitness center, and wellness facilities, enhancing the overall urban experience and attracting global demand.
AWC’s hotel portfolio expansion plan aims to increase the number of rooms to 12,000 within the next five years, with projections indicating the total count will rise to 6,971 by the end of this year, up from 6,029 in 2024.
The rebranding approach is expected to incrementally raise room rates over the next few years, with prices anticipated to transition from approximately 2,000 baht to between 3,000 and 7,000 baht, capitalizing on a unique urban resort experience.
AWC’s continued growth strategy encompasses not only the Ratchada development but also explores coastal tourism destinations, including the Meliá Hotel in Pattaya, set to open in January 2025, alongside various other luxury hotel projects across major Thai cities.
AWC’s financial outlook remains robust, with a reported net profit of 5.85 billion baht in 2024, showing a 14.6% year-on-year increase, particularly driven by effective management and strategic investments in the hospitality sector, establishing it as a sustainable destination in the global tourism landscape.
The deal includes the purchase of Le Concorde Hotel Company, the owner of the Swissotel, for approximately 4.415 billion baht, with plans to rebrand the property to a JW Marriott hotel, expected to be operational by 2028.
The investment strategy is aligned with AWC’s goal to achieve robust growth by 2025, expanding its portfolio in the hotel and service industries, as well as commercial undertakings across nine highlighted projects with a total investment exceeding 22 billion baht.
The newly acquired Swissotel, which includes 407 guest rooms, will undergo significant renovations, alongside the development of the Jubilee Prestige Tower, which aims to introduce a lifestyle office space to the bustling Ratchada area.
AWC plans to allocate an additional 4.289 billion baht for the Jubilee Prestige Tower project that will encompass an innovative office building.
This will create a hybrid space combining wellness and luxury experiences, termed as AWC’s Lifestyle Destination, which AWC anticipates will generate immediate cash flow.
Vallepa Trisoras, CEO and Managing Director of AWC, stated that the acquisition covers a total office space of 45,792 square meters located in a key economic area.
This strategic move provides AWC with a new operational base in the Ratchada district, one of Bangkok’s fastest-growing economic zones, surrounded by embassies, multinational corporations, and key transportation links, including the BTS and MRT systems.
The Swissotel will continue to operate under its current brand until the end of this year, with its transformation slated to introduce a range of amenities, including dining options, a fitness center, and wellness facilities, enhancing the overall urban experience and attracting global demand.
AWC’s hotel portfolio expansion plan aims to increase the number of rooms to 12,000 within the next five years, with projections indicating the total count will rise to 6,971 by the end of this year, up from 6,029 in 2024.
The rebranding approach is expected to incrementally raise room rates over the next few years, with prices anticipated to transition from approximately 2,000 baht to between 3,000 and 7,000 baht, capitalizing on a unique urban resort experience.
AWC’s continued growth strategy encompasses not only the Ratchada development but also explores coastal tourism destinations, including the Meliá Hotel in Pattaya, set to open in January 2025, alongside various other luxury hotel projects across major Thai cities.
AWC’s financial outlook remains robust, with a reported net profit of 5.85 billion baht in 2024, showing a 14.6% year-on-year increase, particularly driven by effective management and strategic investments in the hospitality sector, establishing it as a sustainable destination in the global tourism landscape.
