Forsinetti’s appointment has been approved by the board of directors of Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SHREIT).
The appointment reinforces the board’s commitment to focus on the Asean region and capture stronger returns through the acquisition of additional properties, the company's managing director Patan Somburanasin said on Monday.
He added that this appointment aims to taking advantage of Southeast Asia’s thriving tourism industry. Forecasts are strong across the region, with Chinese middle-class tourists acting as a catalyst, and especially strong in Vietnam and Indonesia where SHREIT already owns assets.
SHREIT is listed on the highly liquid Stock Exchange of Thailand (SET), providing the trust with a low cost of financing. Additionally, investors on the SET have a historically strong appetite for portfolio diversification. This appetite has played out in SHREIT’s favour as it is the only REIT on SET to offer high returns from a diverse portfolio of assets located in countries other than Thailand, making it much less exposed to competitive pressure.
The trust’s current portfolio includes the Pullman Jakarta Central Park Hotel in Jakarta, Indonesia, which is a 317-room five-star hotel; the Capri by Fraser Hotel, a 175-room four-star hotel; and, the IBIS Saigon South Hotel, a 140-room three-star hotel both located in Ho Chi Minh City, Vietnam.
The asset net worth of the Trust as of December 31, 2018, is US$143.2 million (Bt4.53 billion).
Published : March 18, 2019
By : The Nation