The Abu Dhabi Fund for Development (ADFD) has reached a $ 104.8 million agreement with Minor International Public Company Limited (Mint) to jointly own shares in five key tourism assets in Thailand.

These are the Anantara Riverside Bangkok Resort; Avani Hotel and Riverside Bangkok; Riverside Plaza Bangkok; Anantara Layan Phuket Resort and Four Seasons Resort Koh Samui.

This is ADFD’s first investment in the tourism and hospitality sector in Thailand, which is critical to the country’s overall economy and contributes 20% of the country’s total GDP.

With Mint, ADFD partners with one of the largest hospitality and leisure companies in the Asia-Pacific region, operating more than 520 hotels and resorts. The five properties in which ADFD invests total more than 760 rooms and support nearly 500 jobs.

ADFD Managing Director Mohamed Saif Al Suwaidi said: “Tourism has long been a key driver of the Thai economy and an important component of the country’s employment base. We see huge potential in the future trajectory of the tourism and hospitality sector in Thailand.

“Given Mint’s leadership position as Thailand’s most powerful hotel operator, this long-term investment partnership complements our investment strategy to collectively promote the economic growth of our partner countries,” a- he added.

Mint Group CEO Dillip Rajakarier said: “This transaction demonstrates our continued commitment to strengthen our balance sheet and consolidate our liquidity position to ensure that we are ready for both the coming recovery and growth to come. long term. “

“Mint is happy to be in a long term partnership with ADFD and looks forward to working together in the future to strengthen the impact in the countries in which we operate together,” he added.

The shareholding structure of the joint venture will be 60% owned by Mint and 40% of each asset by ADFD. This valuation of the transaction reflects ADFD’s strong confidence in Mint’s asset management performance and future economic projections for the tourism and hospitality sector in Thailand.

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