MY Digest: TA Global unit buys hotel in Bangkok; AirAsia to set up Thai JV

An investor monitors share market prices at a brokerage firm in Kuala Lumpur, Malaysia, August 24, 2015. REUTERS/Olivia Harris

While Malaysia-based property firm TA Global Bhd’s unit is acquiring Four Points by Sheraton Bangkok; AirAsia Group Bhd has proposed a joint venture in Thailand for its subsidiary Teleport to provide logistics services to its Thai associate companies.

TA Global’s unit buys hotel in Bangkok

Malaysia-based property firm TA Global Bhd’s unit Siam Resorts Company Ltd has inked a deal with Destination Resorts Co Ltd to acquire the hotel and business of Four Points by Sheraton Bangkok in Sukhumvit 15 for 2.25 billion baht ($72.8 million), it said in a stock filing on Thursday.

TA Global said the deal is expected to bring synergistic benefits to the group as it will further enhance its hospitality operations in major cities around the world and increase its existing portfolio.

The hotel is located in the city centre of Bangkok and is conveniently located next to the BTS Asok Skytrain and Sukhumvit Metro Station. It is also near numerous local offices and entertainment and retail options at Terminal 21, CentralWorld and Platinum Fashion Mall.

The hotel comprises a seven-storey building with two basements and a rooftop located in the middle of Bangkok’s Sukhumvit area, said TA Global, adding that the hotel features 268 guestrooms.

AirAsia inks MoU for Thai JV

AirAsia Group Bhd has proposed a joint venture in Thailand for its indirect wholly-owned subsidiary Teleport Everywhere Pte Ltd to provide logistics services to its Thai associate companies, it said in a filing with Bursa Malaysia on Thursday.

Teleport, AirAsia Thailand and AirAsia X Thailand have jointly signed a memorandum of understanding (MoU) with Triple i Logistics Public Co Ltd for the purpose of the collaboration. According to AirAsia, Teleport plans to establish the joint venture with Triple i to integrate cargo capacity in Thailand for AirAsia Thailand and AirAsia X Thailand by Jan 1, 2020.

The regional low-cost carrier said the MoU aligns with Teleport’s mission to move goods and e-commerce seamlessly throughout Southeast Asia, taking full advantage of AirAsia Group’s network across Asia Pacific.

“In particular, it allows Teleport to integrate the rights to the cargo capacity in Thailand for Thai AirAsia and Thai AirAsia X with the wider AirAsia Group’s network,” it said.