CGSI Recommends Buying SIRI After News of 5-Star Hotel Purchase in Italy

M&A · PartnershipAnalyst

โดย thunhoon.com·

Summary · why it matters

CGS International (Thailand) or CGSI's research department stated that there was news from Nation on September 4, 2026, that Sansiri Capital, in which SIRI holds a 50% stake, has signed a purchase agreement to acquire 100% of The Lake Como Edition, an ultra-luxury 5-star hotel on Lake Como in Italy, valued at over 200 million euros or approximately 8 billion baht, from a group of co-investors including Bain Capital and Omnam Group. The deal is expected to close within September 2026. This deal is part of SIRI's strategy to expand its international hotel portfolio, following its ownership of The Manner SoHo in New York and its investment in Standard International Holdings (SIH), which was later sold to Hyatt for 355 million US dollars. SIRI will use funding from 70% loans and 30% equity, with an expected investment of approximately 2.2-2.4 billion baht, while it has received proceeds from the SIH sale totaling about 163 million US dollars, held in the US since September 2024, and will use part of this for this deal. The Lake Como Edition has 148 rooms, operates under Marriott International's EDITION brand, had an occupancy rate above 70% during July-August 2026, and an ADR above 1,500 euros per night. Sansiri Capital expects an IRR of 12-20%. SIRI will recognize dividend income from the new investment, which is likely to be minimal in 2026-2028, and plans to sell Lake Como Edition within the next 5-10 years. CGSI expects net IBD/E to increase by approximately 0.05 times to 1.69 times by the end of Q3 2026 and recommends a "Buy" rating with a target price of 1.61 baht, representing a P/E of 6.1 times in 2027. It views the acquisition as potentially having a slight negative impact in the 1-3 year period, but the opportunity for profit from asset sales is a positive factor in the long term.

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