Affliliates of Asset World Corporation (AWC), an integrated lifestyle real estate group in Thailand, and Hyatt Hotels Corporation have signed a framework agreement for the development and management of new hotels under various Hyatt brands in locations across the country.
The framework agreement outlines the expected development of more than 1,000 new rooms across multiple Hyatt-branded hotels, positioning AWC as a major Hyatt owner across the country.
“We are greatly delighted to strengthen our relationship and start our collaboration with Hyatt in building a better future together and creating the top world-class product to uplift the benchmark of tourism industry in Thailand,” said Wallapa Traisorat, CEO/president, AWC. “Working with Hyatt will allow us to offer a unique prospect for both business and leisure customers by offering them top standard of services.”
AWC will develop the new properties that will be placed in Hyatt’s upper-upscale, luxury and lifestyle brand portfolios. The hotels are expected to offer experiences in key tourist destinations throughout Thailand, including Bangkok, Chiangmai, Chiangrai and Pattaya. These upcoming projects are expected to have a positive influence on real estate and tourism in the country, making Thailand a highly desirable destination to visit.
“The signing of this framework agreement supports our commitment to growing Hyatt’s brand presence in Thailand,” said David Udell, Hyatt group president—Asia-Pacific. “Our collaboration with AWC, one of Thailand’s most well-known and respected real estate conglomerates, will enable us to expand Hyatt’s brand portfolio, with a focus on growing its lifestyle offerings, in the destinations that matter most to our guests and World of Hyatt members. We are excited to have AWC’s deep knowledge and expertise in both hospitality and the Thai market, which will enable us to introduce brands that will cater to a broader premium market segment and bring new and unique options to the current hospitality landscape.”