AWC and Accor sign the first strategic multiple-property framework agreement

THE TWO GROUPS WILL COMBINE FORCES TO DEVELOP HOTELS WITH MORE THAN 1,000 ROOM KEYS, STRENGTHENING THAILAND AS A GLOBAL TOURISM DESTINATION

BANGKOK – Global hospitality leader, Accor, has signed its first multiple-property framework agreement with Asset World Corporation (AWC), Thailand’s leading integrated lifestyle real-estate group.

The Framework Agreement with AWC signals Accor’s continued rapid expansion across Thailand, a strategic market which continues to shine on the world stage. Under the partnership, Accor and AWC will develop more than 1,000 room keys across multiple Accor-branded hotels in key tourism destinations throughout the country, providing unique offerings and experiences for guests.

“Accor has always been a pioneer in expanding into new frontiers, working with owner partners that understand our vision for the future of hospitality”, says Garth Simmons, Chief Executive Officer, Accor Southeast Asia, Japan & South Korea. “We’re delighted to be entering into this partnership with Asset World Corporation, 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”.

As part of the agreement, AWC will develop the properties under Accor’s various luxury and lifestyle brands. The hotels will further strengthen both the real estate and tourism industries in the country, and further enhance Thailand as a unique sustainable destination of the world.

Wallapa Traisorat, Chief Executive Officer and President, Asset World Corp Public Company Limited or AWC, states, “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. The collaboration to develop a number of a 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”.

Accor currently operates 373 hotels in Southeast Asia, Japan and South Korea, with 83 hotels operating in Thailand under 11 brands. The Group has a strong pipeline of 20 hotels currently under development in Thailand.