October 2, 2019 / 10:22 AM / 21 days ago

Thai hotelier Centara, Japan's Taisei, Kanden to build $300 mln hotel

BANGKOK, Oct 2 (Reuters) - Thailand’s Centara Hotels & Resorts and Japanese firms Taisei Corporation and Kanden Realty & Development signed a 9 billion baht ($293.64 million) agreement to build a luxury hotel in Osaka, Centara’s chief executive said on Wednesday.

The 34-story Centara Grand Hotel Osaka, slated to open by 2023, will be the company’s first hotel in Japan and is part of the its strategy of doubling the number of proprieties under management by 2022, Thirayuth Chirathivat said in a statement.

The deal is the latest in Thai hospitality firms investing in hotels abroad.

In September, Singha Estate Pcl opened a $300 million 11,000 square meter resort and entertainment venue in the Maldives. Last year, Minor International Pcl completed a 2.3 billion euro acquisition of Madrid-listed NH Hotel Group SA.

Centara, a unit of Central Plaza Hotel Pcl, currently has 76 properties including those in Thailand, the Maldives Indonesia and China.

$1 = 30.6500 baht Reporting by Chayut Setboonsarng; Editing by Emelia Sithole-Matarise

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