GRAND’s September 22 plan caps Westin Sukhumvit asset sale at 494.60 million baht
GRAND says a severe cash shortage led to rent defaults and termination of a land lease at Bangkok’s Westin Grande Sukhumvit hotel.
- Grande Asset Hotels and Property (GRAND) has approved a plan to sell assets from The Westin Grande Sukhumvit hotel to Rabbit Holdings for a maximum of 494.60 million baht.
- The sale is prompted by a severe liquidity shortage, which has caused GRAND to default on its land lease payments, leading to the lease's termination.
- The assets being sold include the hotel's operations, space-leasing, retail activities, and other related licenses.
- As a consequence of the terminated lease, GRAND is required to demolish the hotel building and return the land to its owners.
Grande Asset Hotels and Property Public Company Limited (GRAND) has proposed selling assets used to operate The Westin Grande Sukhumvit hotel in Bangkok to Rabbit Holdings Public Company Limited (RABBIT) for no more than 494.60 million baht. The proposal, endorsed by GRAND’s board on September 22, 2026, requires shareholder approval and follows what the company describes as a severe liquidity shortage.
Vitavas Vibhagool, a director and chief executive officer for property development and hotel business at GRAND, disclosed the resolution from board meeting No. 8/2026 in a notification to the Stock Exchange of Thailand (SET).
GRAND’s proposed disposal would also include space-leasing and retail operations, other ancillary activities conducted on the property, and the related licences.
GRAND links Westin lease termination to cash shortage
GRAND said rent and other lease-payment defaults caused by severe cash shortages had prompted the first group of joint landowners to terminate the lease covering their interests in the Westin site. These co-owners collectively hold a 75% ownership interest in the land beneath the hotel.
Under the terminated Westin land lease, GRAND said it must demolish the hotel building, return the land in proper condition, remove its assets and ensure that occupants leave the premises.
GRAND also reported an unresolved legal dispute with a second group of joint owners holding the remaining 25% interest in the hotel land. The company said the land-related problems directly affected operations at the Westin hotel.
GRAND requests deferral of 593 million baht in matured bond debt
GRAND disclosed approximately 593 million baht in bond obligations that had already fallen due, including 540 million baht in principal and 53 million baht in interest. The company has requested a postponement of those payments and also reported approximately 8,569 million baht in debt that has not yet matured.
GRAND’s ROH rights waiver could dilute stake to 74.71%
GRAND’s board also resolved to waive its entitlement to newly issued ordinary shares in Royal Orchid Hotel (Thailand) Public Company Limited (ROH). GRAND said that, if ROH fully allocates the shares, the waiver would reduce its holding from 97.00% to approximately 74.71% of ROH’s paid-up capital, a decline of 22.29 percentage points.
GRAND’s entitlement covers up to 271.6 million ordinary shares out of ROH’s planned allocation of up to 280 million shares to existing shareholders in proportion to their holdings. The shares have a par value of 1.00 baht each and a subscription price of 0.60 baht, putting the value of GRAND’s full entitlement at 162.96 million baht.
GRAND may instead limit the waiver to the number of subscription rights needed for ROH to meet SET’s free-float requirements on minority shareholdings, according to the company. The decision would take account of GRAND’s financial position, liquidity and investment capacity at the time.
GRAND has scheduled extraordinary general meeting No. 1/2026 for October 27, 2026, at 10am. The meeting will be conducted exclusively online.
