Asset World Corporation to shape the New Dynamic Thai Tourism Industry through 5 Property Agreement with IHG Hotels & Resorts

18 June 2021

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

Bangkok, Thailand – 18 June 2021: Asset World Corporation (AWC), Thailand’s leading integrated lifestyle real-estate group, has added five new signings with IHG Hotels & Resorts, one of the world’s leading hospitality companies, to further strengthen Thailand’s tourism industry, in preparation for its recovery later this year and growth into the future.

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

Wallapa Traisorat, Chief Executive Officer and President, Asset World Corp Public Company Limited (AWC), remarked “AWC remains confident that Thailand’s tourism industry has a strong future in the long run 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 to groups of middle to high income, who are likely to grow in the near future. This expansion will also deliver experiences that will attract tourists from across the globe that emphasize selection and international service standards.”

“We’re confident that together with a global partner like IHG Hotels & Resorts, we will continue to lift the benchmark of Thailand’s tourism industry and enhance its tourism competitiveness on the world stage.”

Set to open in 2025, the 332-room InterContinental Bangkok Chinatown will be located within a vibrant mixed-use development and will instantly become the new old-town destination, establishing an iconic landmark in the historic Woeng Nakorn Kasem, an area that has long served Thais of Chinese heritage. This agreement will feature two more hotels, residences, a retail mall and the largest underground retail store in Bangkok while fitting seamlessly into the urban scape. Boasting a variety of carefully curated conveniences, the location is sure to become a new attraction of Yaowarat district.

Combining IHG’s world-renowned reputation with the wonders of local culture, the hotel will feature three restaurants and a bar, as well as a swimming pool, fitness centre and eight event and meeting spaces of more 1,400 square meters combined.

The mixed-use development will also boast the second property under this agreement – a 63-room boutique hotel with a Michelin star restaurant, converted from traditional four-storey shophouses – as well as the 105-room InterContinental Residences with one, two and three-bedroom options, designed to provide a stylish and authentic stay for visitors to the “Heritage of Asia City”.

The collaboration’s boutique hotel in Pattaya will open in 2023. Located within the Aquatique district, Pattaya’s first iconic lifestyle destination, it will be in the heart of a major lifestyle and entertainment complex featuring hotels, retail and dining outlets, and convention spaces. Alongside 224 rooms and suites, the hotel will feature four restaurants, a rooftop bar, a swimming pool, spa and six meeting rooms exceeding 670 square metres.

Overall, the projects will feature distinctive architectural designs as well as unique experiences while also generating value for their surrounding communities, society, and the environment. Most notably, they will bolster Thailand’s competitiveness as a tourism destination and empower its tourism industry to attract travellers from across the globe following the end of the COVID-19 crisis. Accommodating both business and leisure travellers, the signing will add 1,109 rooms to AWC’s current count of 9,027, bringing the total to 10,136 rooms.

Serena Lim, Vice President, Development for South East Asia and Korea, IHG, said: “We’re excited to work with our long-standing partner Asset World Corporation to unveil these five outstanding properties across Bangkok and Pattaya. Together, they will provide 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 Woeng Nakorn Kasem, one of the oldest neighbourhoods in the city. Meanwhile, we are in discussions with AWC regarding the brand positioning of the other 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 Southeast 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.”

The five-property agreement is part of a long-standing partnership between AWC and IHG 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. This latest collaboration furthers AWC’s partnership with IHG, a brand known the world over for its management, health and safety standards, strong and extensive global distribution platforms as well as market captivating sales campaigns and a professional team of staff who consistently attract customers.

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 its estate, across all of its brands, in the country.