BANGKOK Starwood Hotels & Resorts Worldwide acquired 44% of Thailand s Royal Orchid Hotel group, according to Reuters. The 44% stake, according to the report, was acquired from Ital-Thai Holding, Michigan Investment Ltd and Hongkong Land following a tender offer.
Royal Orchid is now 25% held by Thai property firm MBK Property and 24% by state-owned Thai Airways International. (5/21/01)
SOURCE:Reuters