BANGKOK, Nov 8 (Reuters) - Sansiri Pcl said on Wednesday it would invest $80 million in overseas markets, including a 35 percent stake purchase in a U.S.-based hotel chain, as the Thai real estate developer seeks to expand beyond its core business.
Sansiri said the stake in Standard International, an operator of hotels in Los Angeles, New York and Miami, worth $58 million would represent a majority of the overseas investment.
Sansiri’s other investments include a 5.9 percent stake in the publisher of London-based Monocle magazine and a 6.09 percent interest in Singapore-based co-working space provider, JustCo.
The Thai real estate sector is expected to grow only moderately, Sansiri President Srettha Thavisin said, adding that the investments went beyond the company’s core business for the first time.
Sansiri, which also has properties in China, Hong Kong, Singapore and Japan, had previously led a Series B funding round for Airbnb management startup, Hostmaker, with a 5 million pounds investment and also funded a hydroponic urban farming startup, Farmshelf.
These ventures were part of the company’s strategy to invest in global lifestyle brands, property development technology and media, the company said in a statement.
$1 = 33.1300 baht Reporting by Chayut Setboonsarng; Editing by Amrutha Gayathri