Sansiri acquires Lake Como EDITION hotel for €200m in European luxury push

Thai developer Sansiri Plc is buying The Lake Como EDITION for more than €200m. The acquisition, set to close by the end of September, marks the company's entry into the European luxury hospitality market through its private-equity fund Sansiri Capital.

Thailand’s largest high-end real estate developer, Sansiri Plc, is acquiring the Italian hotel brand The Lake Como EDITION for more than 200 million euros (7.7 billion baht), marking its entry into the European luxury hospitality market.

The deal to close the 100% acquisition is expected to be completed by the end of September. Sansiri Capital, the group’s global private-equity hospitality trophy-asset fund, has signed a sale and purchase agreement to take total ownership of the five-star hotel in Cadenabbia on the shore of Lake Como from the international investment firms Bain Capital and Omnam Group, the Thai developer said in a statement on Thursday.

“The acquisition of The Lake Como EDITION marks an important milestone in advancing Sansiri’s new S-curve,” said Napat Thavisin, president of international operations at Sansiri Plc. “It strengthens our financial resilience and diversifies risk across our global luxury hospitality portfolio.”

Upon closing, the hotel will be wholly owned by Sansiri Capital and will immediately contribute income to the fund. The hotel recorded occupancy rates above 70% and an average daily rate exceeding 1,500 euros during the July-August high travel season this year.

Looking ahead, Sansiri plans to continue pursuing proactive investment opportunities in global luxury trophy assets in premier tourism destinations and key gateway cities worldwide, Mr Napat added.

Sansiri previously held a majority stake in the US-based lifestyle hotel Standard International before it sold its 71% stake to Hyatt Hotels Corp and Hyatt International for $355 million. While more than 99% of the developer’s real estate assets are located in Thailand, with demand driven largely by local Thai buyers, about 15% to 30% of its sales quota is aimed at international buyers in Hong Kong, China and Singapore, according to the company’s website.