Grande Asset recovers from Lehman collapse

Grande Asset Hotels and Property will go ahead with its plan to invest in projects valued at Bt10 billion over the next three years after completing its debt restructuring early this year.

In 2008, the firm faced financial crisis after its major shareholder Lehman Brothers collapsed. Now, Metro Premier Holding, a subsidiary of listed firm Thai Property, is its major shareholder and has mapped out a business plan to secure its operation.

Grande Asset's chief executive officer, Noppadol Mingchinda, said the company was entering a new era. It will have a clear direction and earn profit in the future.

The projects it will undertake include hotels, condominiums and a shopping plaza, mainly in the Sukhumvit area of Bangkok.

One project is on Sukhumvit Soi 13, including a four-star hotel with more than 300 rooms, a 470-unit condominium complex worth Bt4 billion, and a shopping area of 30,000 square metres. The condo project was launched in 2006, but later faced financial problems. Some units are complete and there are 150 customers waiting to take possession of their units by the end of next year.

Meanwhile on Sukhumvit Soi 27, a 343-room hotel is being constructed, worth Bt3 billion.

Currently, the firm operates the Westin Grande Sukhumvit and The Trendy Condominium in Bangkok, as well as the Sheraton Hua Hin Resort & Spa and Hua Hin Blue Lagoon. Its assets for sale are 12 condominium units and two villas in Hua Hin, costing Bt120 million in combination. Most of its revenue comes from its hotels.