GROREIT Unit Holders Reject Royal Orchid Hotel Buyback Deal
Unit holders of the GROREIT trust have voted against a 4.873 billion baht buyback offer for the Royal Orchid Hotel, opting instead to sell to a new buyer for 5.3 billion baht.
According to a report by Prachachat Business, unit holders of the GROREIT trust have officially rejected a proposal for the Royal Orchid Hotel (ROH) to buy back its own property for 4.873 billion baht, with 91% of votes cast against the deal.
Instead, the unit holders have approved a sale to a new, unnamed buyer for 5.3 billion baht, securing 97.66% of the vote in favor of this transaction. The payment for this new deal is scheduled to be completed by November 21. Should this transaction fail to materialize, the trust has indicated that it will initiate a new auction process. The management aims to distribute the proceeds to unit holders and dissolve the trust by the end of November.
For residents and travelers, this development marks a significant shift in the ownership structure of the iconic Royal Orchid Hotel. While the hotel's daily operations remain ongoing, the change in ownership may lead to future strategic shifts in management or property branding. At this stage, the identity of the new buyer has not been publicly disclosed, and the finalization of the sale remains subject to the successful completion of the payment process by the November 21 deadline.
