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Bangkok Post

Business

Royal Orchid Hotel vows it will buy back riverside Bangkok hotel

The trustee is preparing to appoint Starwood as the interim manager of the Royal Orchid Sheraton Riverside Hotel Bangkok after the repurchase by SET-listed Royal Orchid Hotel was not completed on schedule. ROH is contesting the decision.

Royal Orchid Hotel (Thailand) (ROH) has reaffirmed its commitment to repurchase the five-star Royal Orchid Sheraton Riverside Hotel Bangkok for 4.87 billion baht, arguing that the payment instructions issued by the real estate investment trust (REIT) were inconsistent with the terms of the original agreement.

In a filing to the Stock Exchange of Thailand on Wednesday, ROH countered an earlier disclosure by One Asset Management (ONEAM), manager of Grande Royal Orchid Hospitality REIT (GROREIT), which stated the hotel operator had failed to complete the repurchase transaction in accordance with the agreed terms.

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