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Thu, 22 Aug 2019

Thailandís Sansiri Buys American Hotel Brand

Sansiri, one of Thailandís leading real estate developers, has increased its investment in Standard International Holdings (SIH), the parent company of The Standard, an American hotel brand, growing its shareholding from 37.26% to 59.02%.

Optimistic about The Standardís potential for rapid global growth, the two companies have aligned on an ambitious expansion plan to grow The Standard footprint to 25 open hotels in the next 5 years including 4 in Thailand: Koh Samui, Phuket, Pattaya and Hua Hin, as well as locations in Milan, Paris, Lisbon, Bordeaux, Mexico City, Jakarta, Melbourne and Chicago.

Mr. Wanchak Buranasiri, Chief Financial Officer at Sansiri PLC, said, ďSince Sansiriís investment in Standard International in November 2017, we have jointly taken part in developing a growth plan that capitalizes on the positive global travel and lifestyle trends. The global hotel market is projected to double its growth rate with hotel revenues estimated to grow 7.8% annually over the next five years. The lifestyle and boutique hotel segment, where The Standard is positioned, is the fastest growing segment within the industry. As such, Sansiri is confident in, and has approved in principle Sansiri (US), Incís acquisition in associate company, Standard International Holdings, in the proportion of 21.76% with the total amount of US$40.45 million. After the investment transaction, Sansiri (US), Inc.'s shareholding in SIH has increased from 37.26% to 59.02% and SIH is now a direct subsidiary of Sansiri (US), Inc. as well as an indirect subsidiary.Ē

The Standard London. Click to enlarge.

In July, The Standard celebrated the launch of its first property outside the United States, with The Standard, London (pictured) in the Kingís Cross neighborhood.

 The Standard will open its first resort in Huruvalhi, Maldives later this year. The company has already taken over the operations of the existing hotel which are now being renovated before the rebrand.

Mr. Amar Lalvani, CEO of Standard International, said, ďWe are proud that Standard International is now truly international with the launch of our first hotels in Europe and Asia. With the support and investment from Sansiri PLC, we are well positioned to capitalize on the rapidly growing overseas markets and are on pace to have 25 hotels open over the next five years. The Standard brand is perfectly positioned as consumer preferences shift globally toward spending disposable income on experiences versus goods. Approximately 60% of global millennials are in Asia. With those trends in mind, we have strategically situated ourselves to have over 90% of our global pipeline outside of the U.S. with approximately two-thirds of that in Asia.Ē

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