Thai Billionaire’s Family Buys $800 Million Assets From Frasers

The investment firm owned by the five children of Thai billionaire Charoen Sirivadhanabhakdi will acquire hospitality assets valued at S$1.1 billion (approximately $848 million) from Frasers Property Group. This transaction involves 15 hotels and two serviced residences located across Australia, Germany, and the United Kingdom. The portfolio includes well-known properties such as the InterContinental Singapore, the Sofitel Singapore City Centre, and the Parkroyal Collection Marina Bay. Frasers Property Group, a real estate developer controlled by the Sirivadhanabhakdi family, announced the deal on May 29, 2024. The acquisition is expected to be completed by the third quarter of 2024, subject to regulatory approvals. This strategic move aims to consolidate and expand the family's significant presence in the global hospitality sector. The divestment by Frasers Property Group is part of its ongoing strategy to streamline its portfolio and focus on its core development and investment activities. The transaction underscores the substantial wealth and investment power of the Sirivadhanabhakdi family, which also holds interests in beverages, food, and property development through its conglomerate, Thai Beverage Public Company Limited.