Recent Lehman Brothers Holding Inc Chapter 11 Proceedings to have little impact on Grande’s current operating and construction plans
Grande Asset Hotels and Property Pcl, has announced its intention to proceed on a business-as-usual basis to enable timely completion of the Regent Residences, Regent Hotel and Crowne Plaza Hotel in Bangkok.
“In light of recent news involving Lehman Brothers and other Wall Street firms, we have been actively engaged in exploring alternate sources of financing to if necessary replace the funding presently provided by our principal lender, Lehman Brothers Commercial Corporation Asia Limited, which is an affiliate of Lehman Brothers,” stated Mr. Markland Blaiklock, CEO of Grande Asset.
Later this month, Grande Asset expects to sign a major contract for completion of all outstanding construction work on the luxurious 346- unit Regent Residences on Sukhumvit Road. Grande Asset also expects to resume construction in the near term on the Regent Hotel, and Crowne Plaza Hotel, which are also located on Sukhumvit Road in Bangkok.
Provided construction on the Regent Residences resumes as expected within one month, Grande Asset expects that the project will be completed by the end of 2009.
The work that will be undertaken is expected to include completing the remaining five floors of the 37 floor North Tower, installing the window wall and completing the interior fit-out of both towers and the landscaping of the entire complex. The 20 floor South Tower is topped off. There are 256 units in the North Tower, 175 of which are sold, while 55 units have been sold in the 90 unit South Tower.
On the basis of this construction schedule Grande Asset expects to have all remaining units sold by year-end 2009.
Mr. Markland Blaiklock added, “After many months of finalizing the design and construction documents and putting them out to tender, we are very pleased to move ahead with the fast-track construction of our projects. We have received several very competitive bids from leading construction groups, both local and foreign, and are confident of meeting our construction deadlines while maintaining very exacting standards in all facets of the work.”
Prior to the signing of the construction contract for the Regent Residences, Grande Asset has worked extensively with The Blink Design Group to upgrade and refresh the original design concept and interiors to better match today’s aesthetics.
“Both the main fa?ade of the Regent Residences and podium have been revamped in ways that underscore the truly iconic appeal of the entire complex, which in itself presents a stunning balance of culture and design,” concluded Mr. Blaiklock.
About Grande Asset Hotels and Property Pcl
Grande Asset Hotels and Property Pcl, formerly Grande Asset Development Public Company Limited (“GRAND”) or "Grand" for short, has consistently chosen prime locations in both Bangkok and at popular resorts for its modern and stylish hotels and residential properties. GRAND’s new managers bring years of international experience, vision and unrivalled operational expertise and will remain strategically focused on providing discerning guests and buyers with professionally developed and managed properties in Thailand.
The Company's properties include:
CROWNE PLAZA SUKHUMVIT HOTEL *
HUA HIN BLUE LAGOON
LE MERIDIEN PATTAYA RESORT *
SHERATON HUA HIN RESORT
SAILS IN PATTAYA *
THE REGENT BANGKOK HOTEL AND RESIDENCES*
THE TRENDY CONDOMINIUM, OFFICE TOWER AND RETAIL COMPLEX
WESTIN GRANDE SUKHUMVIT HOTEL
*under development
This press release is for information purposes only, and is not intended to be a forward looking statement. Grande Asset Hotels and Property PLC (“Grande Asset”) is a publicly traded company on the Stock Exchange of Thailand, and this press release is not intended to be used as a basis for making any investment decisions in any securities which Grande has previously or will in the future issue, or as the basis for making any decisions regarding the purchase of a condominium unit. This press release is neither an invitation to purchase or sell any of the securities of Grande Asset, nor an invitation or inducement to purchase a condominium unit.
For further information, please contact:
Satida Sritunyathorn or James Best
Aziam Burson-Marsteller
Tel. 0 2252 9871