Sansiri Public Company Limited has completed a major transaction, selling its Standard International brand to Hyatt Hotels Corporation for $150 million. The deal, which highlights Sansiri’s commitment to expanding its hospitality ventures, is particularly significant for Hua Hin, where several of the acquired properties are located.
Hyatt’s acquisition includes a majority of Standard International’s brands and affiliates, positioning the global hotel giant to play a larger role in Thailand’s tourism industry. This move is expected to positively impact both local consumers and the Hua Hin property market. Hyatt’s robust global infrastructure, particularly its World of Hyatt membership program, is set to enhance the appeal of properties like The Standard, Hua Hin, and The Standard Residences, Hua Hin, which are popular among both international and domestic travelers.
Hua Hin, a prominent tourist destination, will see a strengthened hospitality presence with the transition of these properties to Hyatt’s management. The Standard, Hua Hin, in particular, has become a key player in the area’s luxury hotel offerings, drawing visitors with its distinctive design and premium services. Under Hyatt’s management, these properties are expected to benefit from increased brand visibility and access to Hyatt’s extensive network, further solidifying Hua Hin’s position as a preferred destination for high-end travelers.
In addition to the properties in Hua Hin, the sale includes The Peri Hotel, Khao Yai, and The Manner, a luxury hotel in New York City’s Soho district. These hotels, especially in Hua Hin, cater to tourists seeking both leisure and cultural experiences, making them vital components of the region’s economy. The deal comes at a time when the tourism industry is showing signs of recovery, bolstered by government initiatives aimed at stimulating the sector and restoring traveler confidence.
Despite the sale, Sansiri remains focused on its hospitality business and plans to pursue new investment opportunities, particularly as global tourism continues its gradual recovery. The company sees the deal as timely, aligning with the rebound in international travel, which has provided a positive momentum for the tourism and hospitality sectors, especially in regions like Hua Hin.
The agreement provides Sansiri with an initial payment of $150 million, with the potential for up to $185 million in future earnings from new hotels and residential projects under Hyatt’s management. Sansiri’s recent financial results reflect strong performance, with sales for the first nine months of the year reaching 37 billion baht, or 71% of its annual target, and transfer amounts totaling 31 billion baht. Looking ahead, the company plans to launch 13 new projects valued at 22 billion baht in the final quarter, ensuring continued growth in the Hua Hin market and beyond.
It was reported that several key officials and stakeholders were present at the announcement, underscoring the significance of the deal for the local and international hospitality sectors.
