2023-10-24 05:37:28
Miss Jittisa Charoenpanich, Investment Banking Executive Kasikorn Bank As a financial advisor and joint underwriter, it was revealed that following the LH Hotel Leasehold Real Estate Investment Trust (LHHOTEL) offered to sell additional trust units to existing trust unitholders/1 Those who received the right to reserve on October 16-20, 2023 are considered to have received a good response.
Recently, LHHOTEL has set the final offering price (Final Price) of additional trust units at 10 baht per unit, following which it will be open for subscription by the general public on 24-27 October 2023 at Kasikorn Bank. Siam Commercial Bank and co-distributors include CIMB Thai Bank, Krung Thai Bank, Innovate Land and Houses Securities and expects to bring the additional capital trust units for trading on the Stock Exchange of Thailand within November.
Mr. Yosawee Suthikulpanich Head of Investment Banking and Capital Markets, Siam Commercial Bank, said LHHOTEL Trust has moved forward with additional investments in two hotels in Pattaya: Grand Center Point Space Pattaya Hotel and Grand Center Point Hotel. Pattaya from LH Mall and Hotel Company Limited, a subsidiary of Land and Houses Public Company Limited (LH).
By offering additional trust units of LHHOTEL to existing trust unitholders who have the right to subscribe. Received good feedback, reflecting investors’ confidence in this additional investment, which LHHOTEL is a leading hotel group trust with the largest asset value in Thailand. And following this additional investment, the asset value will double to more than 20,000 million baht, including the estimated rate of return following investment in the first year is approximately 10.5%, while LHHOTEL’s past performance has recovered. Quickly following the COVID-19 situation resolved and the country opened. Including the new assets that will be invested, they have outstanding performance.
Mr. Monrat Phadungsit, Managing Director of Land and Houses Asset Management Co., Ltd., as the manager of LHHOTEL Trust, said that the tourism trend in Thailand at the end of this year will receive positive factors from entering the high season. and policies to stimulate tourism Therefore, it is a good time for investing in hotel REITs that receive positive results from the overall tourism recovery. In addition, the direction of interest rates is rising that is close to the highest point. This has a positive effect on investing in REITs, which are assets that provide continuous dividend returns. Especially LHHOTEL Trust whose operating results recovered quickly. Currently, there are 3 Grand Center Point Hotel properties that have been invested in in Bangkok. and is continuing to invest in two more Grand Center Point hotels in Pattaya.
LHHOTEL Trust has current assets in 3 projects: Grand Center Point Hotel Terminal 21, Grand Center Point Hotel Ratchadamri and Grand Center Point Hotel Sukhumvit 55, which has rooms. Total 1,401 rooms, with the operating results for the first 6 months of 2023 of these 3 hotels having an average occupancy rate of approximately 90% and average room rates more than 20% higher than the same period of 2019.
Meanwhile, LHHOTEL Trust has returned to paying benefits (dividends) to trust unitholders. Since the 3rd quarter of 2022, during the 8 and a half months of 2023, dividends have been paid at 0.88 baht per unit, considered the highest record for the same period since the trust was established.
Recently, the REIT is preparing to invest more in the Grand Center Point Space Hotel Pattaya and the Grand Center Point Hotel Pattaya, which will diversify its investments into Pattaya for the first time and will double the value of its assets to more than 20,000 million. baht, while the remaining leasehold term has increased to approximately 22 years from the original approximately 18 years, including better distribution of assets. 55% of which are in Bangkok and 45% in Pattaya.
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