TCC luxury hotel set for wireless square

The company is a hospitality business arm of TCC Land, which is owned by beverage tycoon Charoen Sirivadhanabhakdi.

His two sons, Thapana and Panot, hold major stakes in Univentures, whose subsidiary Lertrattakarn signed the 30-year lease with TCC Luxury Hotels & Resorts.

Ornruedi Na-Ranong, president of Univentures, reported to the Stock Exchange of Thailand on Wednesday that TCC Luxury Hotels & Resorts would manage the 25,615-square-metre space as a luxury hotel from 2011 to 2041.

TCC is an expert and experienced investor, and manager of at least 30 well-known hotels of international standard around the world, she said.

The five-star hotel will enhance the building's image and the standard of its services and facilities, which would benefit the office tenants and other service customers, and directly and indirectly add business value to the subsidiary that owns this project.

Somapat Trisoras, director of TCC Luxury Hotels & Resorts, said the company could not estimate the investment needed for this project at this stage. However, it will be a luxury hotel, he added.

Earlier, Ornruedi said the company planned to develop a Bt6-billion mixed-use project on this corner of Ploenchit and Wireless roads. It will have a luxury hotel and office buildings as well as residences developed by Lertrattakarn.

She said the firm planned to spend Bt4 billion to construct an office building and hotel.

Construction will commence next quarter for completion by 2012.

Half of the investment will come from the company's capital and the other half from bank loans or bonds. Univentures raised funds from the market after the Sirivadhanabhakdi family took over a 29-per-cent stake last year.

As for the Bt2-billion budget for housing, its subsidiary Grand Unity Development will buy land to develop residential units.

The company holds 60 per cent in Grand Unity, up from its original 33-per-cent stake. The remaining shares are held by LPN Development, which holds 20 per cent, and Yowawong, which has a similar stake.