Origin Property has announced that the company successfully completed the transaction to acquire three of Erawan Group’s hotels.
According to the disclosure of Origin Property Public Company Limited (SET: ORI) on the Stock Exchange of Thailand (SET) on 23 February 2022, regarding the entry into the asset sale and share purchase between One Origin Hospitality Co., Ltd., a subsidiary of Company (the Subsidiary) and The Erawan Group Public Company Limited and Erawan Naka Company Limited on 28 January 2022 (the Assets Sale and Purchase Agreement) to purchase certain assets including the land and premises relating to the three hotels, namely Ibis Phuket Kata, Ibis Hua Hin, and Ibis Styles Krabi Ao Nang (the Three Ibis Hotels) from The Erawan Group Public Company Limited and Erawan Naka Company Limited for the total purchase price of THB 1,050,000,000 (one billion fifty million Thai Baht).
The company hereby informs that all of the conditions precedent specified under the Assets Sale and Purchase Agreement have been duly satisfied. Therefore, on 29 April 2022, the Subsidiary completed the following transactions:
(1) Purchase the seven plots of land, including buildings and constructions in relation to the operation of the Three Ibis Hotels, from The Erawan Group Public Company Limited, which the payment of the purchase price has been paid by the Subsidiary to The Erawan Group Public Company Limited;
(2) Purchase the part of the ownership over one plot of land in relation to Ibis Phuket Kata co-owned by Erawan Naka Company Limited as a co-owner from Erawan Naka Company Limited, which the payment of the purchase price has been paid by the Subsidiary to Erawan Naka Company Limited; and
(3) Purchase other assets in relation to the operation of the Three Ibis Hotels, including furniture, decorations, any other equipment, etc., from The Erawan Group Public Company Limited, which the payment of the purchase price has been paid by the Subsidiary to The Erawan Group Public Company Limited.
