Padaeng Industry (PDI) is set to acquire two luxury hotels in Bangkok worth a combined 5 billion baht in a move to diversify into the hospitality business, as the zinc mining firm projects solar farms are no longer lucrative.
PDI said its board of directors approved the acquisition of a 51% stake in two new hotels, the Four Seasons Hotel Bangkok at Chao Phraya River and Capella Hotel Bangkok.
The acquisition extends the company’s move into hospitality, following the purchase of a plot in Sathon to develop a 209-room luxury hotel worth 1.5 billion baht that is expected to be completed by 2023.
Tommy Taechaubol, managing director of PDI, said the Four Seasons Hotel Bangkok at Chao Phraya River and Capella Hotel Bangkok have a total…
