New allies of Bangkok-based company include boutique hotel operator Standard International
BANGKOK — Thai real estate group Sansiri announced strategic partnerships Wednesday with six emerging companies, looking to use their expertise and technology to differentiate itself from property developers.
Sansiri will invest a total of $80 million in Standard International, a U.S. company that operates boutique hotels in New York, Los Angeles and Miami Beach; hotel booking app One Night; London Airbnb management company Hostmaker; JustCo, a Singapore provider of shared office space; Farmshelf, which makes home-use hydroponic growing systems using information technology; and lifestyle media company Monocle. Sansiri did not disclose how much will be invested in each.
The investments “will develop Sansiri beyond its core business for the first time, the company’s president, Srettha Thavisin, said in a statement.
At a press conference here Wednesday, Srettha told reporters, “With the rise of millennials and ever expanding global middle class, we are seeing stronger thirst for brands more than ever before.”
The partner companies’ CEOs were also present at the news conference and explained the importance of the deals to each of them. “We hope to be expanding to Asia soon with the partnership with Sansiri,” said Standard International CEO Amar Lalvani, expressing his hopes for Asian hotel development. He also suggested that the partnership could extend to a new business dubbed Standard Residences offering branded condos and other living spaces.
Founded in 1984, Bangkok-listed Sansiri reported 3.4 billion baht ($102 million) in net profit on revenue of 34.3 billion baht in 2016.