Sansiri Sells Standard Hotels Stake to Hyatt
Sansiri Plc, a Thai residential developer, sold its majority stake in Standard International hotels to Hyatt for one hundred fifty million dollars, with potential additional payments up to one hundred eighty-five million dollars. Sansiri retains four hotels and launches a new brand, The Manner, benefiting from Hyatt's global reach. President Uthai Uthaisangsuk anticipates surpassing last year's record net profit of six point zero six billion baht.
Sansiri Plc, a prominent SET-listed Thai residential developer, has finalized the sale of its majority stake in the US-based lifestyle hotel group Standard International to the Hyatt group.
This deal, announced in August, includes an initial payment of one hundred fifty million dollars from Hyatt, with up to an additional one hundred eighty-five million dollars as further properties are integrated into Hyatt’s portfolio.
Despite this sale, Sansiri will retain ownership of four hotels, including locations in Thailand and New York, under a new brand called The Manner.
The company believes their properties will benefit from Hyatt's extensive global infrastructure.
Key properties under Sansiri's ownership include The Standard in Hua Hin, The Peri Hotel in Hua Hin, The Peri Hotel in Khao Yai, and The Manner in SoHo, New York.
While Sansiri, founded by former Prime Minister Srettha Thavisin, does not plan immediate hotel acquisitions, it will focus on its residential developments.
As of September 30, Sansiri's presales reached thirty-seven billion baht, representing seventy-one percent of the year's target, and ownership transfers total thirty-one billion baht.
President Uthai Uthaisangsuk expects net profit this year to surpass the record of six point zero six billion baht set last year.
This deal, announced in August, includes an initial payment of one hundred fifty million dollars from Hyatt, with up to an additional one hundred eighty-five million dollars as further properties are integrated into Hyatt’s portfolio.
Despite this sale, Sansiri will retain ownership of four hotels, including locations in Thailand and New York, under a new brand called The Manner.
The company believes their properties will benefit from Hyatt's extensive global infrastructure.
Key properties under Sansiri's ownership include The Standard in Hua Hin, The Peri Hotel in Hua Hin, The Peri Hotel in Khao Yai, and The Manner in SoHo, New York.
While Sansiri, founded by former Prime Minister Srettha Thavisin, does not plan immediate hotel acquisitions, it will focus on its residential developments.
As of September 30, Sansiri's presales reached thirty-seven billion baht, representing seventy-one percent of the year's target, and ownership transfers total thirty-one billion baht.
President Uthai Uthaisangsuk expects net profit this year to surpass the record of six point zero six billion baht set last year.
