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Bangkok Post
Bangkok Post
Business

FORGOTTEN HISTORY: Oneam moves to sell disputed hotel - Caught on Camera

ROH GSB MFC Sheraton REIT
Two parties are disputing a buyback agreement for the Royal Orchid Sheraton Riverside Hotel Bangkok.

One Asset Management (ONEAM), the manager of Grand Royal Orchid Hospitality Real Estate Investment Trust (GROREIT), has begun legal procedures after Royal Orchid Hotel (Thailand) (ROH) failed to repurchase the 4.87-billion-baht Royal Orchid Sheraton Riverside by the deadline, resulting in a default under the five-year buyback agreement.

According to Alongkorn Prathanrasnikorn, chief property and trust officer at ONEAM, Tuesday marked the expiry of the five-year period since GROREIT acquired the hotel under a sale-and-buyback arrangement, under which ROH was required to repurchase the property for 4.873 billion baht, excluding value-added tax.

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