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SRPP Advises Dusit Thani on Strategic Hotel Divestment to REIT with Buy-Back Option

SRPP News l 28 May 2025


SRPP is pleased to have acted as legal advisor to Dusit Thani Public Company Limited (“Dusit”), one of Thailand’s most iconic and internationally respected hospitality brands, in the successful divestment of two prime hotel assets in central Bangkok.


This high-profile transaction marks a significant milestone in Dusit’s long-term strategic roadmap, involving the sale of:


  • ASAI Bangkok Chinatown – a vibrant lifestyle hotel located in the heart of Bangkok’s culturally rich Chinatown, surrounded by bustling markets, street food, and heritage landmarks.


  • ASAI Bangkok Sathorn – a contemporary hotel situated in Bangkok’s central business district, a hub for commerce, finance, and urban living.


These assets were acquired by Dusit Thani Freehold and Leasehold Real Estate Investment Trust with Buy-Back Condition (“DREITBB”), a pioneering REIT structure that enables Dusit to unlock capital while retaining strategic flexibility to repurchase the properties in the future. DREITBB successfully completed the investment in both hotel assets with a total investment value of THB 1,210,000,000 (One Billion Two Hundred Ten Million Baht), inclusive of VAT, fees, and related expenses.  This innovative financial mechanism provides Dusit with enhanced liquidity and capital efficiency, supporting its broader goals of portfolio optimization and sustainable growth.


The transaction reflects Dusit’s agile response to evolving market dynamics and its commitment to long-term value creation. By leveraging the DREITBB structure, Dusit is able to:


  • Unlock capital from mature assets to reinvest in high-growth opportunities.

  • Maintain operational continuity and brand presence at key locations.

  • Preserve strategic flexibility through the buy-back condition, ensuring future optionality.


This forward-thinking transaction aligns with Dusit’s broader business strategy to optimize its asset portfolio while maintaining long-term growth potential. It reflects a sophisticated approach to capital management and real estate investment.  This approach also aligns with global trends in asset-light strategies within the hospitality sector, where leading hotel operators are increasingly focusing on brand development, guest experience, and operational excellence while partnering with capital providers for real estate ownership.


The transaction underscores SRPP’s deep expertise in complex real estate and capital markets transactions. Our dedicated team provided end-to-end legal support, from structuring and due diligence to negotiation and closing, ensuring a smooth and successful outcome for all parties involved. The transaction was led by a seasoned team of professional, including: Panuwat Chalongkuamdee (Founding Partner), Viparvee Chaemchaeng (Senior Associate), Bhornbhatr Srinopnikom (Associate), and Poondarik Tayawitit (Associate).


SRPP is honored to support Dusit in this strategic initiative and remains committed to delivering exceptional legal solutions that drive business success. We look forward to continuing our partnership with Dusit and contributing to its future growth and innovation in the hospitality sector.


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