Asset World Corporation And Hyatt Sign Framework Agreement To Develop Hotels In Thailand
Asset World Corporation and Hyatt sign Framework Agreement to develop hotels with more than 1,000 keys under various Hyatt brands in Thailand to pursue the mission of Building a Better Future for the Thai tourism industry
Asset World Corporation (AWC), Thailand's leading integrated lifestyle real estate group and Hyatt Hotels Corporation (NYSE:H), today announced their affiliates have signed a Framework Agreement for the development and management of new hotels under various Hyatt brands in locations across Thailand. The Framework Agreement outlines the expected development of more than 1,000 new rooms across multiple Hyatt-branded hotels, which will give guests, customers, and World of Hyatt members even more hotel offerings and experiences in key tourism destinations throughout the country. These hotels will strengthen Thailand's tourism landscape and raise the bar of world-class hospitality in Thailand as the country prepares to welcome back international business and leisure travelers. This Framework Agreement will position AWC as a major owner of Hyatt-branded hotels across Thailand.
"We are greatly delighted to strengthen our relationship and start our collaboration with Hyatt in building a better future together and creating the top world class product to uplift the benchmark of tourism industry in Thailand," said Chief Executive Officer and President Wallapa Traisorat, Asset World Corp Public Company Limited (AWC). "Working with Hyatt will allow us to offer a unique prospect for both business and leisure customers by offering them top standard of services."
"Our continued collaboration with global hotel brands enables us to create an exceptional customer experience and better respond to diversified consumer and traveler preferences. While this endeavor helps enrich Thai tourism resources to attract a wider tourist base from across the world, the new hotels will also complement our growing hospitality portfolio to better capture discerning tastes and preferences of sophisticated travelers from around the world," Wallapa added.
AWC will develop the new properties that will be placed in Hyatt's upper upscale, luxury and lifestyle brand portfolios. The hotels are expected to offer exceptional experiences in key tourist destinations throughout Thailand, including Bangkok, Chiangmai, Chiangrai and Pattaya. These upcoming projects are expected to have a positive influence on real estate and tourism in the country, making Thailand a highly desirable destination to visit.
"The signing of this Framework Agreement supports our commitment to growing Hyatt's brand presence in Thailand," said Hyatt Group President David Udell, Asia-Pacific. "Our collaboration with AWC, one of Thailand's most well-known and respected real estate conglomerates, will enable us to expand Hyatt's brand portfolio, with a focus on growing its lifestyle offerings, in the destinations that matter most to our guests and World of Hyatt members. We are excited to have AWC's deep knowledge and expertise in both hospitality and the Thai market, which will enable us to introduce brands that will cater to a broader premium market segment, and bring new and unique options to the current hospitality landscape."
The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable when made, are inherently uncertain, and are subject to numerous assumptions and uncertainties, many of which are outside of AWC's or Hyatt's control, which could cause actual results, performance or achievements to differ materially from those expressed in or implied by such statements. Forward-looking statements made in this press release are made only as of the date of their initial publication and neither party undertakes an obligation to publicly update any of these forward looking statements as actual events unfold, except to the extent required by applicable law. If one or more forward-looking statements is updated, no inference should be drawn that any additional updates will be made with respect to those or other forward-looking statements.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company offering 20 premier brands. As of June 30, 2021, the Company's portfolio included more than 1,000 hotel and all-inclusive properties in 68 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders. The Company's subsidiaries operate, manage, franchise, own, lease, develop, license, or provide services to hotels, resorts, branded residences, and vacation ownership properties, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination by Hyatt™, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, JdV by Hyatt™, Hyatt House®, Hyatt Place®, tommie™, UrCove, and Hyatt Residence Club® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.