Nation Thailand
ROH buy-back dispute remains unresolved after 30-day period
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
◌ Single Source
The 4.873-billion-baht property dispute involving Grande Royal Orchid Hospitality Real Estate Investment Trust with Buy-Back Condition (GROREIT) remains unresolved after a 30-day compliance period was reported to have ended on August 16.
Key facts
- One Asset Management Limited (ONEAM), the REIT manager, is limiting further public comment while management reviews the outstanding issues and considers the next steps needed to protect unitholders.
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- The dispute arose after Royal Orchid Hotel (Thailand) Public Company Limited (ROH), the former owner of the Royal Orchid Sheraton Hotel and Towers, failed to complete the agreed buy-back and take transfer of the property on July 14.
- Under the sale and purchase agreement, ROH was required to pay GROREIT 4.873 billion baht, excluding value-added tax, while the trust was to transfer ownership and possession of the property simultaneously
Summary
One Asset Management Limited (ONEAM), the REIT manager, is limiting further public comment while management reviews the outstanding issues and considers the next steps needed to protect unitholders.
The dispute arose after Royal Orchid Hotel (Thailand) Public Company Limited (ROH), the former owner of the Royal Orchid Sheraton Hotel and Towers, failed to complete the agreed buy-back and take transfer of the property on July 14.