Hyatt has signed a Framework Agreement with Asset World Corporation to develop hotels totalling over 1,000 rooms across Thailand.
The deal with the real estate group will see the development of “various Hyatt brands”, with destinations under consideration including Bangkok, Chiang Mai, Chiang Rai and Pattaya.
Hyatt currently list around 20 properties in Thailand on its website, many of them under the group’s agreement with Small Luxury Hotels of the World.
Wallapa Traisorat, CEO and president, Asset World Corp Public Company Limited, said that the partnership with Hyatt would “allow us to offer a unique prospect for both business and leisure customers by offering them top standard of services”, while David Udell, Hyatt Group President, Asia-Pacific, commented:
“The signing of this Framework Agreement supports our commitment to growing Hyatt’s brand presence in Thailand. 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.”