The agreement aligns with AWC’s strategy to partner with global brands to develop quality assets in prime locations to appeal to a broader customer base.
Under the partnership, AWC and Accor will develop more than 1,000 room keys across multiple Accor-branded hotels such as Fairmont, Fairmont Residences and MGallery in key tourism destinations throughout Thailand.
The luxury and lifestyle hotels are intended to further strengthen both the real estate and tourism industries in the country, and further enhance Thailand as a sustainable destination of the world.
Wallapa Traisorat, CEO and president, AWC, stated: “We are delighted to announce this first strategic partnership with Accor, a world-leading hospitality group, to expand our portfolio in strategic locations across Thailand, by bringing multiple Accor-branded hotels to Thailand’s hospitality industry.
“This partnership will allow AWC to combine our expertise as Thailand’s leading integrated real estate group with the strong global customer base of Accor, and elevate Thailand into the leading destination for global hotel brands, which will create the potential for enhanced cash flow and strong growth for AWC.
“AWC has full confidence in this cooperation with Accor, with a shared vision to create a better and sustainable future together. The collaboration to develop a number of world-class hotels will mark the beginning of more exciting projects in the future to support the growth of the Thai tourism industry while pursuing AWC’s mission of ‘building a better future’.”
Garth Simmons, CEO, Accor Southeast Asia, Japan and South Korea, added: “Accor has always been a pioneer in expanding into new frontiers, working with owner partners that understand our vision for the future of hospitality.
“We’re delighted to be entering into this partnership with AWC, and I believe that Accor’s expertise and strength within the hospitality sector will complement AWC’s leadership position within the lifestyle real estate business in Thailand. We look forward to bringing some of the world’s most renowned hotel brands to Thailand with this milestone partnership.”