GROREIT to Propose Asset Sale and Fund Dissolution on October 28

According to Prachachat Business, One Asset Management (ONEAM) has announced a meeting for GROREIT unitholders scheduled for October 28. The primary agenda is to determine the future of the Royal Orchid Sheraton Hotel, with the fund considering three potential options, including the sale of the asset and the subsequent dissolution of the fund.

Two primary purchase offers have emerged for the property. The current operator, Royal Orchid Hotel (ROH), has confirmed its readiness to repurchase the asset for 4.873 billion baht. Meanwhile, a new entity, Orchid Hospitality, has submitted a competing bid of 5.3 billion baht, which is 427 million baht higher than the ROH offer. The meeting will serve as a platform for unitholders to evaluate these proposals and decide on the fund's direction if these options are not successful.

For residents and travelers, this development is significant as it signals a potential change in ownership or management structure for the iconic riverside hotel. While the hotel continues to operate, the outcome of the October 28 meeting will clarify the long-term status of the property. It remains to be confirmed which offer, if any, will be accepted by the unitholders, and what specific impact this transition might have on the hotel's daily operations or future branding.