Fico Corporation Acquires Hotel Portfolio in Germany with Funding from Krungthai Bank
Fico Corporation Co.,Ltd, Chief Executive Officer Mr. Krit Srichawla signed a loan agreement with Krungthai Bank represented by Senior Executive Vice President Mr. Kittiphun Anutarasoti (Head of Wholesale Banking) and Senior Executive Vice President-Managing Director Ms. Jaree Wuthisanti (Corporate Banking Group 1) at a contract signing ceremony held at Hotel Muse Bangkok. The loan will be used to fund Fico Corporation’s overseas investments that include acquisition of nine hotels in Germany as a portfolio deal.
The transaction which concluded recently comprises of nine hotels in Germany: Days Inn Berlin West, Days Inn Dresden, Ibis Hotel Erfurt Ost, Ibis Gelsenkirchen, TRYP by Wyndham Bad Oldesloe, TRYP by Wyndham Berlin City East, TRYP by Wyndham Leipzig North, TRYP Wyndham Garden Bad Malente and TRYP by Wyndham Antwerp.
Krit Srichawla, CEO Fico Corporation commented: "We are delighted to announce the latest strategic addition to Fico Group’s expanding portfolio of Assets beyond our home base.” He added that “The Group was looking at the opportunities in Europe and this portfolio will help strengthen the group’s core hospitality business."
Sanjay Singh, Managing Director of Fico Corporation added that “This acquisition is carefully planned diversification move designed to expand our portfolio of hotels to a dynamic German market.”
Kittiphun Anutarasoti, Senior Executive Vice President, Head of Wholesale Banking, Krungthai Bank commented: “We are pleased to provide a loan to Fico Corporation for this overseas acquisition. Fico Corporation is well regarded in the hospitality business in Thailand and owns several hotels in Bangkok. The acquisition of nine German hotels helps grow the group’s base overseas and strengthens the group’s overall portfolio. This support to the group’s strategic expansion endorses Krungthai Bank’s vision of “Growing Together”.
He added that overall performance of Krungthai’s wholesale bank has been satisfactory in the first half of the year. This is partly due to strong deal pipeline we built in 2013.
“In the second half of the year, the economy is expected to improve driven by business and consumer confidence in the economic policy of the National Council for Peace and Order. Apart from corporate lending, Krungthai Bank will focus on boosting our non-interest income especially from trade finance and foreign exchange. We advise our clients on the fundraising strategy to support their business expansion and provide fully integrated financial services including corporate bond placement, bondholders' representative, registrar and paying agent services” said Kittiphun