Summary · why it matters
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.
Rabbit Holdings PCL
BTS Group Holdings Public Company Limited