Marriott International Signs Landmark, Three-Hotel Agreement With Asset World Corporation Fueling Growth In Thailand
Plan would bring more than 1,500 rooms and debut three brands across Phuket and Pattaya by 2024
Marriott International, Inc. (NASDAQ: MAR) today announced it has signed agreements with Asset World Corporation (AWC), Thailand's leading integrated lifestyle real-estate group, to introduce three of its global hospitality brands to Thailand. The agreement would fuel the company's expansion in Thailand with the addition of three hotels comprised of nearly 1,550 rooms expected to open between late 2020 and 2024. Under the agreements, AWC is expected to open a 248-room Courtyard by Marriott in late 2020 in Phuket, as well as a 900-room Marriott Marquis hotel and a 398-room JW Marriott hotel both in Pattaya.
"We expect the hotels to benefit from Marriott International's powerful global distribution platform, innovative sales and marketing programming and industry leading experience. In addition, the scale of its loyalty program - Marriott Bonvoy - is pivotal to attracting travelers," Wallapa added. "Our collaboration with Marriott International will help us set a new hospitality benchmark in Pattaya and Phuket - two highly dynamic cities now emerging as ideal destinations for both leisure and MICE tourism, with endless opportunities from a constant inflow of business and leisure travelers."
Courtyard by Marriott Phuket TownTargeted to open in late 2020, the Courtyard by Marriott Phuket Town is at the heart of Phuket Town, surrounded by quaint historic Chino-Portuguese buildings set on scenic streets. The hotel is expected to fly the Courtyard by Marriott brand flag following a strategic renovation of the well-known Metropole Phuket Hotel. Slated to offer 248 guest rooms, two food and beverage outlets and approximately 2,000 sqm of meeting space, the hotel is set to deliver an experience designed to fuel the passion of business and leisure travelers alike with modern fuss-free amenities.
JW Marriott The Pattaya Beach Resort & Spa and Pattaya Marriott Marquis HotelExpected to rise in Central Pattaya within AWC's Mega Scale Mixed-Use Destination modeled after the highly acclaimed Asiatique The Riverfront in Bangkok, the JW Marriott The Pattaya Beach Resort & Spa and Pattaya Marriott Marquis Hotel, together are expected to offer 1,298 guest rooms; 11 food & beverage outlets; and approximately 10,000 sqm of convention, event and meeting spaces once opened. The JW Marriott The Pattaya Beach Resort is expected to cater to sophisticated, mindful travelers and will be a luxury haven for guests to focus on feeling present in the mind, nourished in body and revitalized through the brand's curated programming. In line with Marriott Hotels' 'Let Your Mind Travel' brand positioning, the Pattaya Marriott Marquis Hotel is expected to offer a mix of innovative, modern design exemplified in the intuitively designed rooms, brilliant guest service and inventive dining options that anticipate the needs of travelers, serving as a platform for igniting creativity in guests around the globe.
AWC's Mega Scale Mixed-Use Destination project comprises an array of indoor and outdoor retail spaces, with attractions that will appeal to all age groups, including luxury accommodations. Positioned as the new iconic destination in Pattaya, the project is set to be the new 'Absolute Center of Pattaya - The Place To be', capturing MICE and leisure travelers, both local and international. The construction of the project is expected to be completed in the fourth quarter of 2023 and be ready to open in the second quarter of 2024.
"We look forward to building on our long-standing relationship with Asset World Corporation with this landmark multi-agreement signing for three new hotels in Pattaya and Phuket," added Craig S. Smith, Group President, Marriott International Asia Pacific. "Sharing similar values of attaining the highest standards in hospitality, Marriott International is proud to play a strategic role in AWC's vision of expanding its diverse portfolio of hospitality and lifestyle projects in Thailand and beyond."
Asset World Corporation is one of the largest owners of Marriott International properties in Asia Pacific (excluding China) with more than 4,200 rooms across Thailand.
Note on Forward-Looking StatementsThis news release contains "forward-looking statements" within the meaning of federal securities laws, including the number of lodging properties the company may add in the future, and similar statements concerning possible future events or expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including changes in market conditions; changes in global and regional economies; supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance property growth and refurbishment; and other risk factors that the company identifies in its most recent annual report on Form 10-K or quarterly report on Form 10-Q; any of which could cause actual results to differ materially from the expectations we express or imply here. We make these statements as of the date of this press release, and we assume no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About Asset World CorporationAsset World Corp Public Company Limited ("AWC") is Thailand's leading integrated lifestyle real estate group under TCC Group, with a sustainable diversified development pipeline for future growth as well as the potential for long-term capital appreciation. AWC's business operations are organized into two principal segments: (i) Hospitality, comprising hotels managed and operated by the world's leading hotel chains including Marriott, The Luxury Collection, Okura, Le Méridien, Banyan Tree, Hilton, DoubleTree by Hilton, Sheraton and Melia (ii) Retail and Commercial Building, comprising Retail and Wholesale group which includes world-class tourist lifestyle destination, community shopping mall, community market and wholesale space, with such well-known projects as Asiatique the Riverfront, Gateway at Bangsue, Pantip Plaza Pratunam and Tawanna Bangkapi; and Office Building group with prominent projects located in highly sought-after, central business district in Bangkok like Empire Tower, Athenee Tower, etc.
Recently on Oct 10, Asset World Corporation has succeeded in listing the company on the Stock Exchange of Thailand (SET) in the real estate and construction industry under the property development category. Indeed, AWC's market capitalization was highest in SET history. (According to Bloomberg Database).