Goldman Sachs takes over Regent Hotel in Bangkok

Asian Economic News, June 28, 1999

BANGKOK, June 24 Kyodo

Leading U.S. investment bank Goldman Sachs and Co. said Thursday it has successfully taken over Bangkok's five-star Regent Hotel by acquiring a 40.5% stake in Rajadamri Hotel Co., which wholly owns the hotel.

As the tender offer period expired Thursday, Goldman Sachs and its local partner, Bangkok Hotel Holding, claimed they are the largest shareholder in Rajadamri Hotel. The final tender offer price is 48 baht (about 1.2 dollars) per share.

In April, Goldman Sachs bought a 32.3% interest in Rajadamri from Japanese shareholders Ransway Co. and Rantack Co. at 38 baht per share.

''We have long been interested and active in Thailand's hotel sector and, seeing the Regent Bangkok as an outstanding property, were working to make a long-term investment,'' said Songkarn Issara, chairman of Bangkok Hotel Holding.

''As the largest shareholder, we will work closely with all other directors and the management team,'' he said.

Goldman Sachs is a leading investor in the hotel industry worldwide. In Thailand, it holds a 30% interest in the Dusit Group, which owns Dusit Thani Bangkok, a well-known hotel.