Istithmar and Golden Land to Develop Baht 4.3 Billion Bangkok Hotel

Istithmar PJSC, the investment arm of Dubai World, has purchased an 80% stake in a new Baht 4.3 billion (US$ 130 million) luxury hotel development planned for a prime intersection in the heart of Bangkok.

The company has partnered with Golden Land Property Development PLC, a publicly-listed Thai developer that holds the leasehold for the 16,000 square metre site.

The new luxury hotel will form a major part of Golden Land’s “Sathorn Square” mixed-use development, which is centred on the historic landmark Russian Embassy complex and will also include a 70,000 square metre Grade A office tower with retail shops.

The 30-storey 400-room hotel and conference centre will start construction later this year and is planned to open in 2010. 

Joe Sita, Chief Executive of Istithmar Hotels FZE, a division of Istithmar PJSC, said, “Together with Golden Land, we plan to invest in creating a top-class hotel property on this landmark site.

“We are in advanced negotiations with an international hotel operator to brand and manage the hotel and expect to conclude and announce this deal in the coming weeks.”

Golden Land Property Development PLC has been active in the Bangkok property development market since 1978, and has a successful history of building and designing innovative and luxurious projects of exceptional quality.

Golden Land’s CEO William Wilfong previously developed the Ritz-Carlton Millenia and Conrad hotels in Singapore, and was developing the upcoming Norman Foster-designed Cappella Singapore before joining Golden Land at the beginning of 2006.

William Wilfong said, “Istithmar’s financial strength and global hospitality experience, combined with Golden Land’s prime site and local knowledge, ensure that our new hotel will hit the very highest standards of quality.”

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