GROREIT Finalizes Sale of Royal Orchid Sheraton Hotel
One Asset Management has signed a contract to sell the Royal Orchid Sheraton Hotel for 5.3 billion baht after unit holders rejected a buyback proposal.
According to a report by Prachachat Business, One Asset Management (ONEAM) has officially moved forward with the sale of the Royal Orchid Sheraton Hotel. The property is being sold for 5.3 billion baht following a decision by unit holders of the GROREIT fund to reject a previous buyback proposal submitted by Royal Orchid Hotel (ROH).
As part of the new agreement, the buyer has already provided a deposit of 100 million baht to secure the transaction. Alongkorn Prathanratnikorn, Chief Executive Officer of the real estate division, confirmed that the contract has been signed and the parties are now awaiting the completion of the final sale procedures.
For residents and travelers, this transaction marks a significant change in the ownership structure of one of Bangkok's prominent riverside hotels. While the hotel continues its operations, the transition of ownership is a notable development in the local hospitality investment landscape. At this stage, the identity of the new buyer has not been publicly disclosed, and the timeline for the final transfer of ownership remains to be confirmed as the legal and financial processes conclude.
