Rabbit Holdings Public Company Limited operates real estate development and financial services businesses in Thailand and internationally through its Financial Services and Real Estate segments. Its activities include hotels, rental and residential properties, property development, life insurance products such as personal accident, savings, health, investment, and post-retirement annuity insurance, and financial investment. It also provides consulting, hotel management, and asset management services. Formerly known as U City Public Company Limited, it changed its name to Rabbit Holdings Public Company Limited in December 2022, was founded in 1988, and is headquartered in Bangkok, Thailand.
GRAND to sell The Westin Grand Sukhumvit hotel to RABBIT for 494.60 million baht
Grand Asset Hotels and Property Public Company Limited, or GRAND, is preparing to sell its hotel business, The Westin Grand Sukhumvit, together with the leased retail space comprising Robinson department store and the shops within the hotel, to Rabbit Holdings Public Company Limited, or RABBIT, for a total sale price of 494.60 million baht. The transaction is deemed a connected transaction because RABBIT's major shareholder is BTS Group Holdings Public Company Limited, or BTS, with a 48.58% stake, or 68.03% including preferred shares, while BTS itself is a major shareholder of GRAND with an 18.20% stake. The purpose of the transaction is to shore up liquidity, as GRAND is suffering severe liquidity problems and has defaulted on rent and compensation payments under its land lease agreements, prompting the lessor to exercise its right to terminate the contracts. GRAND is also embroiled in unresolved legal disputes with some of the landowners. As of the end of the second quarter of 2026, GRAND had cash and cash equivalents of only 255.40 million baht, and as of 31 March 2026 it had matured bond debt for which it has sought a payment extension totalling approximately 593 million baht, comprising 540 million baht in principal and 53 million baht in interest, along with approximately 8,569 million baht in unmatured debt. The sale is part of a plan previously announced by GRAND and its parent company, Property Perfect Public Company Limited, or PF, to accelerate the sale of assets and land bank plots in Bangkok, the surrounding provinces, and tourism provinces, totalling 11 items worth a combined 12,145 million baht, in order to repay bonds maturing in 2027 to 2029. PF currently has 16 series of bonds totalling 5,397.90 million baht, while GRAND has bonds totalling 3,566.10 million baht. The deal still requires approval from an extraordinary shareholders' meeting on 10 November 2026. Meanwhile, the buyer, RABBIT, issued a statement saying the company has not reached any agreement, signed any document, contract, or arrangement with GRAND regarding such a transaction, and its board has not passed a resolution approving the transaction.
Grande Asset Hotels and Property PCL · Capital · Positive GRAND is selling the Westin Grand Sukhumvit hotel for 494.60 million baht to shore up liquidity amid defaults and bond repayment needs.
RABBIT.BK · Capital · Neutral RABBIT is buying The Westin Grand Sukhumvit and its retail space for 494.60 million baht, a connected-party asset purchase.
Property Perfect Public Company Limited · Capital · Neutral PF is named as GRAND's parent pursuing the broader asset-sale plan to repay 2027-2029 bonds, but this specific sale is GRAND's.
BTS.BK · · Neutral BTS is only cited as the major shareholder linking RABBIT and GRAND in this connected transaction, with no direct impact on BTS itself.
RABBIT Dissolves Two German Subsidiaries, Restructures European Hotel Investment
Rabbit Holdings Public Company Limited (RABBIT) has announced through the Stock Exchange of Thailand that it has dissolved two foreign subsidiaries located in Germany, as part of its investment structure in the hotel business in Europe. The first subsidiary, Fabella Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG (Fabella KG), in which RABBIT holds an indirect stake of 94% through Lombard Estate Asset GmbH (LEA), with a registered and paid-up capital of 5,000 euros, completed its dissolution registration on July 3, 2026. The second, Fiora Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG (Fiora KG), also held indirectly through LEA at 94%, with a registered and paid-up capital of 5,000 euros, completed its dissolution registration on July 31, 2026. RABBIT stated that the dissolution of these two subsidiaries aligns with its investment structure in the European hotel business and does not affect the operations of the company or its other subsidiaries.
Krungsri Securities maintains buy rating on BTS, cuts target price to 3.57 baht
Krungsri Securities maintains a buy recommendation on BTS but has lowered its 2027 target price under the sum-of-the-parts method to 3.57 baht from 4.00 baht, after trimming its 2027-2028 operating forecasts due to higher selling and administrative expenses. It now expects BTS to post a net loss of 2.9 billion baht in 2027 and 1.84 billion baht in 2028, compared with previous forecasts of losses of 2 billion baht and 853 million baht respectively. The main reason is that selling and administrative expenses in the first quarter of 2027 rose 31 percent year on year to 1.9 billion baht, driven by marketing expenses at VGI, costs from transferring the European hotel business back to RABBIT, and costs from closing the Verso international school. Meanwhile, the government policy to cut electric train fares to 17 to 45 baht took effect on 1 January 2027. BTS has confirmed it will join the programme, but still faces limitations from incomplete EMV system coverage and the issue of sharing excess passenger revenue. It expects to take about one and a half years to install the EMV system. BTS also believes the Pink Line will benefit more from the fare policy than the Yellow Line, expecting Pink Line ridership to rise 15 to 20 percent from the current 80,000 trips per day, while the Yellow Line carries 30,000 to 40,000 trips per day. It has also pushed back the break-even point from 2033 to 2038. The new target price implies upside of about 72 percent from the closing price of 2.08 baht.
BTS to open The Langham Custom House in December 2026
BTS Group Holdings is preparing to open a luxury hotel on the Chao Phraya River, The Langham Custom House Bangkok, in December 2026. The project involves restoring the 140-year-old Customs House building into a 75-room super-premium hotel, developed by Rabbit Holdings, in which BTS holds nearly 69%. The site is near the Mandarin Oriental hotel and the French Embassy, opposite Iconsiam, under a 30-year long-term lease, and is expected to pay back before the lease ends. Hotel revenue will begin supporting the MATCH business from 2027 onwards.
RABBIT.BK · Capital · Positive Rabbit Holdings is the developer of the luxury hotel project, which is expected to generate revenue from 2027.
BTS.BK · Capital · Positive BTS's subsidiary Rabbit Holdings is developing the hotel, with BTS holding nearly 69%, indicating a significant investment that will generate future revenue.
Thailand