Marriott International, Inc. (NASDAQ: MAR) today announced it has signed a milestone agreement with Asset World Corp Plc. (SET: AWC) to add four new landmark properties under three world-class brands across Bangkok and Pattaya, Thailand. The multi-property agreement features a Ritz-Carlton Reserve, Thailand’s first JW Marriott Marquis hotel in Bangkok and two Autograph Collection hotels, set to debut the Autograph Collection brand in the country.
“We are pleased to strengthen our longstanding relationship with Asset World Corporation in this landmark signing,” said Craig S. Smith, Group President, Asia Pacific, Marriott International. “This agreement is a testament to the confidence owners and franchisees such as AWC have in Marriott International. We are excited to play a role in AWC’s vision of expanding its diverse portfolio of hospitality and lifestyle projects in Thailand.”
Ritz-Carlton Reserve, Bangkok at Asiatique the Riverfront
Targeted to open by 2027 in Bangkok’s newly revamped Asiatique The Riverfront, the Ritz-Carlton Reserve, Bangkok is expected to serve as a private, ultra-luxury boutique urban resort set on the scenic curve of the Chao Phraya River. With 124 meticulously designed guest rooms, the urban sanctuary will showcase the rich culture, history and heritage of Bangkok’s 19th Century maritime trade.
JW Marriott Marquis Hotel Asiatique Bangkok
Anticipated to open by 2027, JW Marriott Marquis Hotel Asiatique Bangkok located at Asiatique The Riverfront is expected to deliver a mindfulness haven to the Thai capital set on the Chao Phraya River. Featuring over 1,000 rooms, functional meeting spaces, and a Spa by JW, the hotel will cater to sophisticated, mindful travelers and provide a luxury haven for guests.
The Asiatique Bangkok, Autograph Collection hotel
Expected to open by 2024, The Asiatique Bangkok, Autograph Collection hotel will serve as the first Autograph Collection branded hotel in Thailand. The Autograph Collection brand is Marriott’s curated collection of independent hotels from around the world that share a passion for originality and a philosophy of attention to details. Located at Asiatique The Riverfront with 200 guest rooms, the hotel will showcase the unique ambiance of 19th Century Thai-Chinese trade with restored furniture to mimic a former shophouse.
Aquatique Pattaya, Autograph Collection hotel
Targeted to open by 2024, Aquatique Pattaya, Autograph Collection hotel will weave together the local charm of a Thai fishing village, a steamboat wharf and the underwater world in the highly popular resort town at Aquatique The Beachfront Pattaya. Upon opening, the 306-room hotel will be set alongside the Pattaya Marriott Marquis Hotel and JW Marriott The Pattaya Beach Resort & Spa, both still under development.
“We are delighted to announce another remarkable expansion of our robust collaboration with Marriott International. The new multi-property agreement will break ground through entirely new concepts, introducing uniquely crafted hospitality experiences and strengthening both parties’ role in elevating the Thai tourism ecosystem,” added Wallapa Traisorat, CEO and President, Asset World Corporation.
Marriott International’s portfolio in Thailand encompasses 45 hotels and resorts currently in operation, including 9 properties with Asset World Corporation.
Note on forward-looking statements: This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws, including expected hotel openings and brand debuts in certain markets, the number and location of lodging properties the company may add in future years, and similar statements concerning possible future events or expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including those we identify below and other risk factors that we identify in our U.S. Securities and Exchange Commission filings, including our most recent Quarterly Report on Form 10-Q. Risks that could affect forward-looking statements in this press release include the duration and scope of COVID-19, including the location and extent of resurgences of the virus; its short and longer-term impact on the demand for travel, transient and group business, and levels of consumer confidence; actions governments, businesses and individuals have taken or may take in response to the pandemic, including limiting or banning travel and/or in-person gatherings or imposing occupancy or other restrictions on lodging or other facilities; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies, travel, and economic activity, including the duration and magnitude of COVID-19’s impact on unemployment rates and consumer discretionary spending; the ability of our owners and franchisees to successfully navigate the impacts of COVID-19; the pace of recovery when the pandemic subsides or effective treatments or vaccines become available; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps we and our property owners and franchisees take to reduce operating costs and/or enhance certain health and cleanliness protocols at our properties; the impacts of our employee furloughs and reduced work week schedules implemented during portions of 2020, our voluntary transition program and other restructuring activities; competitive conditions in the lodging industry; relationships with clients and property owners; and the availability of capital to finance hotel growth and refurbishment. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release and undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
