WAN Fund Management Company Limited, or WAN, in its capacity as manager of the Grand Royal Orchid Hospitality Real Estate Investment Trust, or GROREIT, is preparing to convene a meeting of unitholders on 28 October 2026 to consider the sale of the trust's principal asset, the Royal Orchid Sheraton Hotel and Towers project, ahead of entering the trust dissolution and liquidation process. The board of WAN resolved at its meeting on 14 September 2026 to call the meeting and set 29 September 2026 as the record date for unitholders entitled to attend. Unitholders will consider three options for the asset sale. The first option is a sale to Royal Orchid Hotel (Thailand) Public Company Limited, or ROH, at a price of 4.873 billion baht. ROH confirmed its right and readiness to buy back the asset on 14 August 2026, after failing to complete the buyback by the 14 July 2026 deadline. Although WAN and MFC Asset Management Public Company Limited, or MFC, as trustee, jointly agree that ROH's buyback right under the contract has expired, they still deem it appropriate to put the proposal to the meeting. The second option is an offer from Orchid Hospitality Company Limited, which on 4 September 2026 proposed to buy the asset for 5.3 billion baht, 427 million baht higher than ROH's offer. This option would be used if unitholders do not approve the sale to ROH, or if ROH cannot proceed under the specified conditions and timeframe. As for the third option, if neither of the first two is approved or can be carried out, GROREIT will seek unitholder approval to put the asset up for auction, along with a general mandate authorising WAN to conduct the auction and sell the asset. In addition, the 28 October meeting will consider approving the dissolution of the trust, the liquidation, and the appointment of a liquidator. A portion of funds will be set aside to cover liquidation expenses and any litigation costs before proceeding with the next steps of the trust dissolution.
MFC Asset Management Public Company LimitedMFC, as trustee, jointly agrees ROH's buyback right has expired but still puts the sale proposal to unitholders, a governance/contract matter with no clear directional impact.
Orchid Hospitality's 5.3 billion baht offer for the Royal Orchid Sheraton asset is 427 million baht higher than ROH's bid, positioning it as the preferred alternative buyer.
