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AWC to develop Chiang Mai’s Chang Khlan area as Thailand’s leading arts and culture tourism destination, signing sale and purchase agreements for “dusitd2 Chiang Mai”
26 December 2022, Bangkok - Asset World Corp Public Company Limited (AWC), Thailand’s leading integrated lifestyle real-estate group, is strengthening its asset portfolio in Northern Thailand in pursuit of its ambition to develop Chiang Mai as the country’s leading arts and culture tourism destination. AWC signed sale and purchase agreements for “dusitD2 Chiang Mai” with Krungthai Asset Management Public Company Limited, as a trustee of Dusit Thani Properties REIT (DREIT), and Dusit Thai Properties Public Company Limited. dusitD2 Chiang Mai is situated in the heart of the Chang Khlan area where three AWC affiliated hotels - Le Méridien Chiang Mai, Meliá Chiang Mai, and InterContinental Chiang Mai Mae Ping - are located. Together, these hotels comprise 949 rooms to accommodate the growing Thai tourism industry.
Mrs. Wallapa Traisorat, Chief Executive Officer and President, Asset World Corp Public Company Limited or AWC, states, “AWC aims to elevate Chiang Mai, which is the strategic tourist city in northern Thailand, as the country’s leading arts and culture tourism destination. In pursuit of this goal, we have been developing quality assets in the Chang Klan area which is a high potential location in Chiang Mai. This area is well-known for its cultural arts, restaurants, entertainment, historical attractions, meeting places, seminar venues, accommodation, and walking street with its popular night bazaar. The company plans to enhance the connectivity of four AWC affiliated hotels in the area including dusitD2 Chiang Mai, which have a combined value of approximately 12,900 million baht, to fulfill the various lifestyles and needs of tourists. This aligns with AWC’s investment strategy to support establishing Chiang Mai as the region’s luxury destination hub and elevating Thailand’s tourism industry, while enhancing cash flow and strong growth for AWC in the long-term.”
The sale and purchase agreements of the 130-room dusitD2 Chiang Mai, which is situated on Chang Khlan Road, Chiang Mai, next to the famous Chiang Mai Night Bazaar, involves an investment and development budget of 944 million Baht. These include sale and purchase agreements for the land, buildings, and properties of “dusitD2 Chiang Mai” between AWC with Krungthai Asset Management Public Company Limited; the sale and purchase agreements for the land and building adjacent between AWC and Dusit Thai Properties Public Company Limited; and the agreement to lease “dusitD2 Chiang Mai” to Dusit Thani Public Company Limited for three years with the right to renew the agreement for another three years between AWC’s subsidiary Chiangmai Hotel Collection Co., Ltd.
“AWC is delighted to partner with Thailand’s legendary hotelier Dusit Thani Group in this strategic collaboration, which promises to meet the diverse lifestyle and travel needs of tourists who want to stay in a central location that conveniently connects them to Chiang Mai’s key attractions and business center. Our partnership, moreover, will elevate the city as a tourist destination and create long-term value for Thailand,” Mrs. Wallapa added.
AWC’s portfolio in Chiang Mai consists of 4 properties including Pantip Chiangmai, Le Méridien Chiang Mai, Meliá Chiang Mai, and InterContinental Chiang Mai Mae Ping that will soon be launched.