Hyatt Hotels Corporation and Thai real estate group Asset World Corporation (AWC) have signed a framework agreement for the development and management of multiple Hyatt-branded hotels across Thailand.
The framework agreement, which was signed by both companies’ respective affiliates, will see the addition of more than 1,000 new rooms to Hyatt’s Thailand portfolio.
The agreement will also position AWC as a major owner of Hyatt-branded hotels across Thailand. AWC will develop the new properties that will be placed in Hyatt’s upper upscale, luxury and lifestyle brand portfolios. The hotels are expected to be built in key tourist destinations throughout Thailand, including Bangkok, Chiang Mai, Chiang Rai and Pattaya.