Asset World Corporation invests 435 million Baht to acquire dusitD2 Chiang Mai, joining hands with Dusit Thani to continue the legendary Thai brand and boost tourism in Northern Thailand, welcoming tourists from around the world

15 December 2021

15 December 2021, Bangkok, Thailand - Asset World Corporation or AWC moves forward to expand its portfolio and promote tourism in the northern province of Thailand. On 14 December 2021, AWC’s board meeting approved the acquisition of dusitD2 Chiang Mai (D2CM) from Dusit Thani Properties REIT Company Limited worth 435 million Baht located at the heart of the city’s Night Bazaar with an aim of achieving its strategy with a legendary and globally recognized Thai brand, delivering impressive hospitality services of a famous hotel chain, and stimulating tourism in the north at the year’s end to make Chiang Mai a global travel destination.

Mrs. Wallapa Traisorat, CEO and President of Asset World Corp Public Company Limited or AWC, Thailand’s leading integrated lifestyle real estate group, revealed that on 14 December 2021, AWC’s board meeting approved the acquisition by Sub TCC Hotel Chiang Mai Company Limited, a subsidiary of Asset World Corporation or AWC, of land and property from Dusit Thani Properties REIT Company Limited with a total value of 435 million Baht, which is now the location of dusitD2 Chiang Mai with 130 guestrooms situated on Chang Khlan Road, Chiang Mai province next to the Chiang Mai Night Bazaar, the famous shopping and dining venue located in the heart of the city, close to Le Méridien Chiang Mai, one of AWC’s quality projects.

Given its popular location filled with cultural arts, restaurants, entertainment, historical attractions, meeting places, seminar venues, and accommodation, Chang Khlan Road has become a new tourist spot in the heart of Chiang Mai. The organization plans to connect its services to serve the needs of young travelers and business travelers, allowing AWC to respond to the needs of tourists in all segments and making Chiang Mai another popular destination for travelers from all over the world.

Mrs. Wallapa states that the agreement is a collaboration between AWC and Dusit Thani Group, a legendary Thai hotel chain which has been operating for a long time, to promote tourism and enhance the potential of AWC's properties to meet the diverse lifestyle and travel needs of tourists. The country’s reopening and the government’s measures to promote domestic tourism have sharply increased the demand for local tourism, especially in Chiang Mai, a popular tourist destination in the north of Thailand which is famous for its culture, natural attractions, and local cuisine.

“AWC is honored to partner with dusitD2 Chiang Mai, a famous and well-recognized hotel. This is the beginning of a long-term value-creating relationship. We believe in this collaboration, which can be a gateway that connects tourism from Chiang Mai to other second-tier cities in the nearby provinces,” states Mrs. Wallapa.

Dusit Thani Properties REIT Company Limited, REIT Manager of Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT), approved to the sale of dusitD2 Chiang Mai (D2CM) to Sub TCC Hotel Chiang Mai Company Limited, a subsidiary of Asset World Corporation Public Company Limited or AWC, worth 435 million Baht. The REIT will hold a trust unitholder’s meeting to consider and approve the sales agreement on 27 January 2022. After completing the agreement, Dusit Thani Group will continue to manage dusitD2 Chiang Mai to welcome the return of Chiang Mai's tourism. We are confident that this strategic co-operation will be able to meet the needs of travelers who seek to stay in a prime location with easy access to popular tourist attractions or Chiang Mai’s business district. AWC plans to further develop dusitD2 Chiang Mai into a quality property in its portfolio that can connect to other quality projects in Chiang Mai and throughout the country.