Thai luxury developer Sansiri acquiring Italian hotel

Thailand’s largest high-end real estate developer, Sansiri Plc, is preparing to further its expansion into the European market with the planned acquisition of the Italian hotel brand The Lake Como EDITION. 

The acqusition deal is expected to be completed by the end of September, marking the SET-listed company’s entry into the European luxury hospitality market.

Sansiri Capital, the group’s global private-equity hospitality trophy-asset fund, has signed a sale and purchase agreement to acquire total ownership of the five-star hotel in Cadenabbia on the shore of Lake Como, from the international investment firms Bain Capital and Omnam Group, the Thai developer said in a statement on Thursday.

“The acquisition of The Lake Como EDITION marks an important milestone in advancing Sansiri’s new S-curve,” said Napat Thavisin, president of international operations at Sansiri Plc.

“It strengthens our financial resilience and diversifies risk across our global luxury hospitality portfolio.”

Upon the closing of the deal, the hotel, which is set in one of the world’s leading luxury travel destinations, will be wholly owned by Sansiri Capital and will immediately contribute income to the fund.

The hotel recorded occupancy rates above 70% and an average daily rate exceeding 1,500 euros during the July-August high travel season this year.

Looking ahead, Sansiri plans to continue pursuing proactive investment opportunities in global luxury trophy assets in premier tourism destinations and key gateway cities worldwide, Mr Napat added.

Sansiri previously held a majority stake in the US-based lifestyle hotel Standard International before it sold its 71% stake to Hyatt Hotels Corp and Hyatt International for US$355 million.

While more than 99% of the developer’s real estate assets are in Thailand, with most of the demand driven by local Thai buyers, about 15% to 30% of its sales quota is aimed at international buyers in Hong Kong, China and Singapore, according to information on the company’s website.

The upcoming acquisition is part of the developer’s plan to further its expansion into global luxury and leisure destinations to become a fully integrated global real estate and lifestyle investment platform.

The exterior of The Lake Como EDITION in Cadenabbia, Italy.