TA Global Bhd's subsidiary is buying the hotel and business of Four Points by Sheraton Bangkok, Sukhumvit 15 for total cash consideration of RM299.92mil.
KUALA LUMPUR: TA Global Bhd's subsidiary is buying the hotel and business of Four Points by Sheraton Bangkok, Sukhumvit 15 for total cash consideration of RM299.92mil.
It said on Thursday its subsidiary, Siam Resorts Company Ltd had entered into a sale and purchase agreement with Destination Resorts Co., Ltd to acquire the hotel.
“The proposed acquisition will be funded by 40% internally generated funds and 60% external borrowings,” it said in a statement to Bursa Malaysia.
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 owner of hotel properties.
It said the hotel operations were the major revenue and profits contributor to group revenue and profits in the past two years.
It added 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 seve-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 include a lobby lounge and a rooftop bar.
Additional 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 approximately 136 vehicles.
