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IHG Hotels & Resorts announces a triple agreement in Thailand with Asset World Corporation

Three properties in Bangkok and Pattaya boost the strategic agreement to develop more than 1,200 rooms

IHG Hotels & Resorts, announces the signing of three hotels in Thailand with Asset World Corporation (AWC), the country's leading integrated real estate group. The multi-ownership agreement includes the new InterContinental Bangkok Chinatown and two other projects in Chinatown and Pattaya, with 629 rooms.

Rajit Sukumaran, managing director, Southeast Asia and Korea, IHG, said:

We are delighted to be working with our long-time partner Asset World Corporation to unveil these three exceptional properties across Bangkok and Pattaya. Together, they will offer our guests an extraordinary luxury hospitality, retail, and lifestyle experience. InterContinental Bangkok Chinatown will be our third InterContinental hotel in Bangkok, and is the perfect choice for Verngnakornkhasem, one of the city's oldest neighbourhoods. Meanwhile, we are in advanced discussions with AWC regarding the brand positioning of the other two properties in our agreement, in Bangkok and Pattaya. We expect to double our portfolio in Thailand in the next three to five years and these signings are a testament to IHG's strong growth momentum in Thailand and Southeast Asia. We look forward to working closely with AWC to develop their diverse hospitality and lifestyle offerings and bring our family of IHG brands to cities and resort destinations across this wonderful country.

Scheduled to open in 2027, the 332-room InterContinental Bangkok Chinatown Hotel will be located within a dynamic mixed-use development in the historic Verngnakornkhasem district. It will include two hotels, residences, and a shopping center, including a 24-hour food and beverage center on Charoen Krung Road. The hotel will include three restaurants and bars, as well as a swimming pool, fitness center and a large 1,400-square-meter event and meeting space complemented by eight private rooms.

The mixed-use project will also include the second property planned in the agreement; a 63-room boutique hotel converted from traditional four-story shophouses to provide an authentic stay for visitors to the "Asian City Heritage." The project is located near popular tourist attractions such as the Grand Palace, the shopping district, Sathorn and Silom.

Another boutique hotel under the agreement will open in Pattaya in early 2024. Located in the Aquatic District, it will be at the heart of a major leisure and lifestyle complex that will include hotels, retail and dining outlets, and convention space. Featuring 234 guest rooms and suites, the hotel will also include restaurants, a rooftop bar, pool, a spa and a meeting space of more than 670 square meters.

The triple signing is part of a long-standing partnership between IHG and AWC to manage a portfolio of properties offering more than 1,200 rooms across Thailand, including the 306-room InterContinental Chiang Mai Mae Ping Hotel, which will open in 2022.

IHG and AWC are also exploring opportunities for the Kimpton brand, a design-driven luxury boutique hotel with award-winning restaurants and bars, and sincere service in Thailand's top resort destinations.

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