This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Marriott To Double In Size In Thailand: Signs Landmark Deal With TCC Hotels Group For Seven Hotels

Stock quotes in this article: MAR

BETHESDA, Md. and BANGKOK, Jan. 31, 2013 /PRNewswire/ -- Marriott International today announced the signing of seven management agreements with TCC Hotels Group which will see the US hospitality company operating seven TCC hotels across Thailand. These agreements make the TCC Hotels Group the largest owner of Marriott International hotels in Asia Pacific.

(Logo: http://photos.prnewswire.com/prnh/20090217/MARRIOTTINTLLOGO)

The seven hotels are:

  • The Imperial Queen's Park Hotel, Bangkok to be rebranded as Bangkok Marriott Hotel Queen's Park
  • Imperial Adamas Phuket Beach Resort to be rebranded as Phuket Marriott Resort & Spa, Nai Yang Beach
  • HuaHin Marriott Resort & Spa
  • Pattaya Marriott Resort & Spa, Jomtien Beach
  • JW Marriott Pattaya Resort & Spa
  • Marriott Hotel and Executive Apartments, Bangkok Surawong
  • The Ritz-Carlton, Bangkok

This landmark agreement will add 3,000 rooms to Marriott International's existing 12 hotels of 3,110 rooms across Thailand.

The TCC Hotels Group will represent a variety of Marriott International's brands including The Ritz-Carlton, JW Marriott and the company's signature Marriott Hotels & Resorts brand. It will see Marriott International take on the management of two existing hotels and five new build properties across the country in the strategic tourist destinations of Bangkok, Phuket, HuaHin and Pattaya.

Speaking at the signing ceremony in Bangkok, Simon Cooper, Marriott International's president and managing director Asia Pacific, said: "We are delighted to announce this landmark deal for Thailand. TCC Hotels Groupis very well established as a hotel owner and operator around the world and these seven hotels will add to our already strong portfolio of hotels in the country."

"I believe this partnership shows our commitment to and faith in Thailand as a strategically important business and leisure destination in South East Asia. Managing this portfolio of TCC hotels in the country will allow us to extend our product offering and brands in Thailand, and enable domestic and international travellers to experience our hotels and world-class service."

TCC Hotels Group expects to invest approximately US$500 million for the seven hotels including an extensive refurbishment of the existing Imperial Queen's Park Hotel, Bangkok and the Imperial Adamas Phuket Beach Resort before being rebranded and opened under the Marriott Hotels & Resorts brand in 2016.

"TCC Hotels Group believes that Thailand and the group could benefit from the global network and standards of Marriott International. We are very excited to be working together with Marriott International, an experienced global operator to support our growth strategy and our confidence in both Tourism and MICE business sectors of Thailand," said Wallapa Traisorat, President of TCC Hotels Group.   

These 3,000 rooms are in addition to Marriott International's existing pipeline in Thailand of more than 1,000 rooms, and the company expects to be managing almost 7,000 rooms in Thailand by 2017 to support the continued tourism growth for Thailand as it becomes a strategic location of the Asian Economic Community (AEC).

NOTE: The statements about the opening dates for the new hotels and timing of brand launches are "forward looking statements" within the meaning of federal securities laws, not historical facts, and are subject to a number of risks and uncertainties, including supply and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with clients and property owners; the availability of capital to finance hotel growth; and other risk factors identified in Marriott International, Inc.'s most recent quarterly report to the US Securities and Exchange Commission on Form 10-Q; any of which could cause actual results to differ materially from those expressed in or implied by our statements. These statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,804.71 -238.19 -1.40%
S&P 500 1,946.16 -26.13 -1.32%
NASDAQ 4,422.0850 -71.3050 -1.59%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs