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TA Global unit buys Four Points by Sheraton Bangkok Hotel

TheStar Fri, Jul 26, 2019 08:50am - 3 months ago


In a filing with Bursa Malaysia, the company said its subsidiary, Siam Resorts Company Ltd, had entered into a sale and purchase agreement with Destination Resorts Co Ltd to acquire the hotel.

In a filing with Bursa Malaysia, the company said its subsidiary, Siam Resorts Company Ltd, had entered into a sale and purchase agreement with Destination Resorts Co Ltd to acquire the hotel.

PETALING JAYA: TA Global Bhd ’s subsidiary is buying the hotel and business of Four Points by Sheraton Bangkok, Sukhumvit 15, for RM299.92mil cash.

In a filing with Bursa Malaysia, the company said its subsidiary, Siam Resorts Company Ltd, had entered into a sale and purchase agreement with Destination Resorts Co Ltd to acquire the hotel.

“The acquisition will be funded by 40% internally generated funds and 60% external borrowings,” it said.

TA Global said the acquisition would bring synergistic benefits to the group, as it would boost its hospitality operations in major cities around the world and increase its existing portfolio of hospitality properties, leveraging on the group’s experience and competence as an owner of hotel properties.

It said the hotel operations has been the major revenue and profit contributor to group revenue and profits in the past two years.

TA Global added that the acquisition would complement the group’s corporate strategy to further expand its hospitality operations in Bangkok, therefore enhancing the group’s existing business operations and presence in Thailand.

Opened in 2010, the hotel comprises a seven-storey building with two basements and a rooftop in the middle of Bangkok’s Sukhumvit area. The hotel has 268 guestrooms.

It added that levels two to seven are occupied by guestrooms. The hotel also features three food and beverage outlets, including a lobby lounge and a rooftop bar.

Other facilities include a fitness centre, an outdoor swimming pool, a rooftop lounge, a business centre, four meeting rooms and underground parking which can accommodate up to about 136 vehicles.

   








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