Oakwood Asia Pacific signs deal for Sri Racha property

George Sell George Sell Uploaded 23 June 2017

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Thailand: Oakwood Asia Pacific has signed a deal with with Bangkok-based developer VMPC Co to manage Oakwood Hotel & Residence Sri Racha.

The property will be Oakwood's first Thai project outside Bangkok, as well as the introduction of its product extension Oakwood Hotel & Residence, which includes a hotel product.

Dean Schreiber, managing director of Oakwood Asia Pacific, said: "The strategic location of the property in the heart of Sri Racha, where it's positioned in the middle of multiple industrial estates as well as Laem Chabang Port, is an ideal setting for Oakwood and we expect to achieve over 50 per cent occupancy after full operations at the end of 2017."

Oakwood Hotel & Residence Sri Racha will comprise 458 units, with a mix of hotel rooms and serviced apartments. Facilities will include a swimming pool, a fully equipped fitness centre, games room, library, and 24-hour supermarket as well as meeting and ballroom facilities.

Speaking at the signing ceremony, VMPC chairman Prinya Tieanworn said: "We have chosen the Oakwood Residence product for its promise of elegance, comfort and personalised service, and selected Oakwood as our partner for its strong global network and presence in Asia-Pacific, especially in the Japanese market. Sri Racha has emerged as an industrial town [that] has attracted numerous large-scale manufacturing companies. This has catalysed the expansion of mid-scale to upscale hotels and serviced apartments."

Singapore-based Oakwood Asia Pacific manages two properties in Bangkok, among 35 properties in 19 cities in 11 countries across Asia, with further properties in the pipeline.

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