Grande Asset pushes forward with hotel and property projects

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Grande Asset Hotels and Property, a publicly listed Thai company, has restructured its organization and has new investment plans for 2012.

The company, which has properties in Bangkok and Hua Hin, has enlisted a new board of directors and attracted new investors to ensure current projects will be completed imminently and new projects pursued.

The Executive Board of Grande Asset Hotels and Property pose for a group photo.  From left:- Praveen Benjasmithyodhon (Director), Asawin Rakmanusa (Executive Director), Vitavas Vibhagool (Vice Chairman), Phornsiri Manoharn (Independent Director), Wichai Thongtang (Chairman), Suradej Narula (Executive Director), Amarin Narula (Executive Director), Amarit Pansiri (Independent Director), Dr. Noppadol Mingchinda (Chief Executive Officer). The Executive Board of Grande Asset Hotels and Property pose for a group photo.  From left:- Praveen Benjasmithyodhon (Director), Asawin Rakmanusa (Executive Director), Vitavas Vibhagool (Vice Chairman), Phornsiri Manoharn (Independent Director), Wichai Thongtang (Chairman), Suradej Narula (Executive Director), Amarin Narula (Executive Director), Amarit Pansiri (Independent Director), Dr. Noppadol Mingchinda (Chief Executive Officer).

The company, which is behind the success of the Westin Grande Sukhumvit Hotel, The Trendy Condominium, the Sheraton Hua Hin Resort and Spa Hotel and the Hua Hin Blue Lagoon, focuses its business and long term investment in prime hotel and selected real estate developments.

The Westin Grande Sukhumvit is a Bangkok landmark and is a key performer in the company’s portfolio.  The hotel is managed by Starwood Hotels and Resorts and features stylish contemporary guestrooms and meeting facilities.  Inside the hotel features two award-winning restaurants which are Taste and Kisso.

The company also has property projects in Hua Hin.  The Sheraton Hua Hin Resort and Spa is a star performer in the company.  It’s also an award-winning hotel which has 240 guestrooms and a 560 metre lagoon-style swimming pool.  Adjacent is The Hua Hin Blue Lagoon, which has 108 condominiums and 37 villas, and has only a few units left for sale.

Currently, the company has two premium projects on prime real estate in the pipeline.  The first being a four to five-star hotel/ residential project at the front of Sukhumvit Soi 27 while the second is also a four to five-star hotel/ residential project on Sukhumvit Soi 13.  Both of these projects are set to begin construction this year in order to complete as planned.

With the new board of directors in place Grande Asset aims to quickly complete its hotel and residential projects in Sukhumvit Road and then look for new potential investments that align with the focused objectives of the company.

Spearheading the new board is Wichai Thongtang, Chairman of the Board of Executive Directors, who has a wealth of experience in the healthcare industry, and he believes the Grande Asset has a bright future.

“We have a new management structure and we have a team that has top-level experience in key industry segments that will promote the company to even greater heights.”

“It is clear that we have assets with huge potential and we have every confidence that the company will go from strength to strength,” said Wichai.

The new board features experts in the fields of property development, economics, finance and tourism.  One new member is Dr. Kanit Sangsubhan who is on the board of the Bank of Thailand and a Director at the Ministry of Finance.  Alongside him is Phornsiri Manoharn, a former Governor of the Tourism Authority of Thailand.  These strong credentials run throughout the board and a new approach has been developed as Chief Executive Officer, Dr Noppadol Mingchinda explains:

“We have had to restructure the company both financially and with a new board of directors.  This has put us back into a position of strength and we intend to move forward with our plans this year,” said Dr Noppadol.

“We have expertise in hotel and residential development, economics and tourism which can help drive our initiatives and move Grande Asset up to the next level.  With the new financing we aim to complete all existing projects this year and then set our sights on new developments.