Industry Sectors

Our experience and expertise in real estate, property development, and hospitality stems from not only our understanding of land and property-related laws but also our specialisation in M&A, Capital Markets (equity, debts, and REITs), Banking and Finance, Restructuring and Insolvency and general corporate and commercial laws.

We have advised on a wide range of prominent real estate and hospitality transactions in Thailand. Highlights include representing Central Pattana in relation to its investment in Siam Future Development; and advising LH Mall & Hotel as the sponsor for additional investment in Grande Centre Point Space Pattaya Hotel and Grande Centre Point Pattaya Hotel. We have also advised leading developers such as Raimon Land on capital markets transactions and acted for financial institutions and private investors regarding the financing of hotel portfolios, land acquisitions, and high-value serviced apartment projects.

This depth of experience – from land acquisition and project development to financing, restructuring, and exit – enables us to provide practical, commercially focused advice to real estate developers, hotel operators, REIT managers, and institutional investors active in Thailand’s real estate and hospitality landscape.

Notable transactions include:

M&A

• Advised Principal Capital (PRINC) in connection with its entire property development and hotel business portfolio by way of a disposition of its interest in V Brilliant Group


• Advised TIP Holding, a sponsor and owner of TIP9 premium warehouse and factory project located in TIP Industrial Project, in connection with the investment by Frasers Property Thailand Industrial Freehold & Leasehold REIT in its land and warehouses


• Advised Mr. Ayuth Charnsethikul on the acquisition of Aoyamatei Co., Ltd., which operates "Hotel AONO" in Chiang Mai


• Advised Central Pattana in connection with the acquisition by its subsidiary of a majority interest of shares in Siam Future Development, followed by a mandatory tender offer of all its total issued shares. The transaction was subsequently awarded the “Deal of the Year 2023” by the Stock Exchange of Thailand


• Advised Noble in relation to entering agreements with certain underwriters for the sale and purchase of condominium units


• Advised Central Pattana on its joint venture with MEA Commercial Holdings in CPN Village, the operator of Central Village


• Advised Noble Development in connection with its business cooperation and other commercial contracts, disclosure requirements, rules and regulations of the stock exchange and other regulatory compliance


• Advised Capstone Investment in relation to its joint venture with Asset Five to develop Tonson One Condominium Project


• Advised on the disposition by Principal Capital of certain major assets in its real estate development businesses


• Advised on the acquisition in Noble Development by a Thai individual and BTS Group


• Advised on the debt financing and equity injection into two subsidiaries of Pace Development in connection with the development and completion of the MahaNakhon Tower and a retail building by Apollo Asia Sprint Holding and Goldman Sachs Investments Holdings (Asia), totalling an aggregate amount of approximately THB 8.4 billion (USD 235 million)


• Advised Dubai World Group on its divestment in the companies operating W Hotel Koh Samui


• Advised on the acquisition in Noble Development by new strategic investors


• Advised on the acquisition by Principal Capital of the real estate development businesses of V Brilliant Group (VB) group companies through an acquisition of the entire interest in VB and the issue and offering of its new shares by way of private placement to its shareholders


• Advised on the acquisition by a subsidiary of Hydoo Group in Hydoo Best Group, an operator of the Trust City project near Suvarnabhumi Airport


• Advised MBK in connection with its proposed acquisition of hotels in Phuket


• Advised on the acquisition by Globex Group of the majority interest in Christiani & Nielsen, one of the leading construction companies in Thailand, which was financed via a THB 2 billion term loan facility from Bangkok Bank


• Advised on the business cooperation between Navanakorn Electric, Navanakorn Land Development and Toyo-Thai Corporation for the development of a power plant project near Navanakorn Industrial Estate

Capital Markets

• Advised LH Mall & Hotel in the additional investments by LHHOTEL REIT in Grande Centre Point Space Pattaya Hotel and Grande Centre Point Pattaya Hotel through a combination of fundraising by LHHOTEL via an offering of newly issued trust units and debt financing


• Advised Stonehenge Inter on the transfer of its listed securities from the Market for Alternative Investment board to the main board of the Stock Exchange of Thailand


• Advised on the IPO of Bangkok Commercial Asset Management (BAM), which is the largest IPO of a financial group in Southeast Asia. The deal was subsequently awarded the “Deal of the Year 2020” by the Stock Exchange of Thailand


• Advised on the proposed IPO and listing of a property development company and community mall operator on the Catalist Board of the Singapore Exchange Securities Trading (SGX-ST)


• Advised on the block trade transaction by a group of shareholders of their shares in Sriracha Construction


• Advised LH Mall & Hotel on the establishment and IPO of LH Hotel Leasehold Real Estate Investment Trust and its investments in a number of Grande Centre Point hotels in Thailand


• Advised LH Mall & Hotel on the establishment and IPO of L&H Shopping Centers Real Estate Investment Trust, the first ever REIT of Terminal 21 shopping mall in Thailand, and its subsequent long term lease


• Advised LH Mall & Hotel on the establishment and IPO of Land and Houses Freehold and Leasehold Property Fund in Centre Point and Grande Centre Point hotels and apartments in Thailand


• Advised on the IPO of Quality Houses Leasehold Property Fund and its investments in QH Lumpini, QH Sathorn, QH Ploenchit, and Wave Place


• Advised on the public offering of CPN Retail Growth Leasehold Property Fund


• Advised Central Plaza Hotel in relation to the IPO and listing of Centara Property Fund


• Advised on the issue and offering by Supalai of THB 550 million Secured and Amortising Debentures


• Advised on the issue and offering by Bangkok Land (Cayman Islands) of USD 130 million 4.5% Guaranteed Exchangeable Bonds due 2003, guaranteed by Bangkok Land


• Advised on the issue and offering by Land and Houses of USD 60 million 5% Convertible Bonds due 2003

Financing

• Advised BCEGT Thai International in relation to certain commercial contracts, relevant financing, and security arrangements


• Advised a reputable businessman in connection with his THB 350 million financing to a hotel operator with mortgages on various lands and buildings for the purposes of renovation and working capital


• Advised Pace Development in connection with the senior secured debt financing granted by Apollo and Goldman Sachs to two of its subsidiaries for the development and completion of the MahaNakhon Tower, one of the tallest buildings in Thailand


• Advised Maxwin Builders – the owner of the Atrium Bangkok Hotel – on a THB 1 billion term loan facility from Bangkok Bank for the re-financing and renovation of the hotel


• Advised MBK on a USD12 million Revolving Working Capital Facility from The Bank of Nova Scotia


• Advised Boonkongchuen Land on a THB 213 million loan facility for the construction costs of the Rest Detail Hotel in Hua Hin from Thanachart Bank


• Advised Seacon Development on its acquisition of Wattanawana (during its business rehabilitation proceedings), which owns and operates Future Park Bangkae, which was partially financed by a THB 1.2 billion loan facility from Bangkok Bank and Thanachart Bank


• Advised Raimon Land on a THB 1.2 billion term loan facility from Siam Commercial Bank


• Advised Christiani & Nielsen on its capital increase by way of general mandate


• Advised Richee Holding Alliance (the owner of Pullman Bangkok Hotel G) and a subsidiary of Pioneer Hospitality Siam GBR (the owner of Pullman Pattaya Hotel G) on a THB 1.5 billion term loan facility from United Overseas Bank (Thai)

Hotel Management

• Advised Pace Group Companies on the commercial agreements it has with the Marriott Group


• Advised Lancaster Resort on its engagement of Minor Hotel Group to operate and manage its hotel under the name AVANI Tha Phae Chiang Mai Resort & Spa


• Advised Banthai Hotel & Resorts on its engagement of Hilton Worldwide Management to operate and manage its hotel under the name DoubleTree by Hilton Phuket Banthai Resort


• Advised Maxwin Builders (the owner of the Avani Atrium Bangkok Hotel) in respect of certain aspects of the hotel management agreement with Minor Hotel Group