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Unitholders approve 5.3 billion baht sale of Bangkok's Royal Orchid Sheraton

GROREIT unitholders approved selling the Royal Orchid Sheraton Hotel in Bangkok to a new investor for 5.3 billion baht, rejecting the original owner's lower buyback offer.

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A speaker in front of One Asset Management branding. His identity and the occasion are not established by the available evidence.

Unitholders of the Grande Royal Orchid Hospitality Real Estate Investment Trust (GROREIT) approved selling Bangkok's Royal Orchid Sheraton Hotel to a new investor for 5.3 billion baht. They rejected a lower buyback offer from the property's original owner, Royal Orchid Hotel (Thailand) Plc.

The sale is conditional on payment within 14 days. If negotiations fail or the buyer cannot meet the terms, a new auction will be held to seek another buyer.

One Asset Management, the trust manager, plans to terminate the existing arrangement and sign a sale and purchase agreement with Orchid Hospitality within two days, chief executive Pote Harinasuta said.

GROREIT bought the property from ROH in 2021 for 4.5 billion baht. Their agreement required ROH to repurchase the land, buildings and related assets on July 14, 2026, for 4.87 billion baht, excluding value-added tax.

The trust said ROH failed to complete that buyback before the contractual deadline, triggering legal enforcement and the search for a new investor.

ONEAM and trustee MFC Asset Management maintain that the original owner's contractual buyback right has expired. ROH disputes that position, and a court has yet to resolve the matter.

Following completion, GROREIT will use the proceeds to repay 1.35 billion baht owed to the Government Savings Bank before distributing the remaining funds to unitholders.