Abu Dhabi Fund for Development (ADFD) has reached a $104.8 million agreement with Minor International Public Company Limited (Mint) to jointly hold shares in five key tourist resort assets in Thailand.

 

These are Anantara Riverside Bangkok Resort; Avani and Riverside Bangkok Hotel; Riverside Plaza Bangkok; Anantara Layan Phuket Resort and Four Seasons Resort Koh Samui. 

 

This is ADFD’s first investment in Thailand’s tourism and hospitality sector, which is key to the nation’s overall economy and contributes 20% of the country’s total GDP. 

 

With Mint, ADFD is partnering with one of the largest hospitality and leisure companies in the Asia-Pacific region operating more than 520 hotels and resorts. The five properties ADFD is investing in combined have more than 760 rooms and support nearly 500 jobs.

 

ADFD Director General Mohamed Saif Al Suwaidi said: "Tourism has long been a vital driver of Thailand’s economy and a large component of the nation’s employment base. We see tremendous potential in the future trajectory of Thailand’s tourism and hospitality sector."

 

"Given Mint’s leading position as the strongest hospitality operator in Thailand, this long-term investment partnership complements our investment strategy to collectively promote economic growth of our partner countries," he added.

 

Mint Group CEO Dillip Rajakarier said: "This transaction signifies our continuous commitment to strengthen our balance sheet and solidify our liquidity position to ensure that we are poised for both the recovery to come and long-term growth."

 

"Mint is pleased to be in a long-term partnership with ADFD and is looking forward to working together in the future to bolster impact in the countries in which we operate together," he added.

 

The shareholding structure of the joint venture will be 60% held by Mint and 40% of each asset by ADFD. This valuation of the transaction reflects ADFD’s strong confidence in Mint asset management performance and the future economic projections for Thailand’s tourism and hospitality sector.-TradeArabia News Service