AWC and Accor sign the first strategic multiple-property framework agreement to develop hotels with more than 1,000 room keys, strengthening Thailand as a global tourism destination

09 December 2022

9th December 2022, Bangkok, Thailand - Asset World Corporation (AWC), Thailand’s leading integrated lifestyle real-estate group, signed the first multiple-property framework agreement with Accor, a world leading hospitality group, to develop and manage hotels under various Accor brands across Thailand. The Framework Agreement with Accor aligns with AWC’s strategy to partner with global brands to develop quality assets in prime locations to appeal to a broader customer base.

Under the partnership, AWC and Accor will develop more than 1,000 room keys across multiple Accor-branded hotels such as Fairmont, Fairmont Residences, and MGallery in key tourism destinations throughout the country, providing unique offerings and experiences for guests.

Wallapa Traisorat, Chief Executive Officer and President, Asset World Corp Public Company Limited or AWC, states, “We are delighted to announce this first strategic partnership with Accor, a world-leading hospitality group, to expand our portfolio in strategic locations across Thailand, by bringing multiple Accor-branded hotels to Thailand's hospitality industry. This partnership will allow AWC to combine our expertise as Thailand’s leading integrated real estate group with the strong global customer base of Accor, and elevate Thailand into the leading destination for global hotel brands, which will create the potential for enhanced cash flow and strong growth for AWC.”

As part of the agreement, AWC will develop the properties under Accor’s various luxury and lifestyle brands. The hotels will further strengthen both the real estate and tourism industries in the country, and further enhance Thailand as a unique sustainable destination of the world.

Garth Simmons, Chief Executive Officer, Accor Southeast Asia, Japan & South Korea, states, “Accor has always been a pioneer in expanding into new frontiers, working with owner partners that understand our vision for the future of hospitality. We’re delighted to be entering into this partnership with AWC, and I believe that Accor’s expertise and strength within the hospitality sector will complement AWC’s leadership position within the lifestyle real estate business in Thailand. We look forward to bringing some of the world’s most renowned hotel brands to Thailand with this milestone partnership”.

“AWC has full confidence in this cooperation with Accor, with a shared vision to create a better and sustainable future together. The collaboration to develop a number of a world-class hotels will mark the beginning of more exciting projects in the future to support the growth of the Thai tourism industry while pursuing AWC’s mission of “Building a Better Future.” Mrs. Wallapa added.