Thailand Hospitality Property Fund : To inform the postponement of the operation of the new hotel management chain and the temporary change of hotel name of Thailand Hospitality Property Fund

Full Detailed News

                No. PT. 035/2022

March 18, 2022

Re:    To inform the postponement of new hotel management chain operation and 
temporary change of name of the hotel of Thailand Hospitality Property Fund

To:    President
        The Stock Exchange of Thailand

Pursuant to One Asset Management Limited ("One Asset"), in the capacity as the 
Fund Manager of Thailand Hospitality Property Fund ("the Fund") having sent a
letter to the Stock Exchange of Thailand No. PT 110/2021 dated 8 September 2021
re: "To inform the change of hotel management chain of Thailand Hospitality
Property Fund" by changing from "Holiday Inn Resort" chain under IHG to "AVANI"
chain under Minor Hotel Group Limited.

On 17 March 2022, Phi Phi Holiday Company Limited ("the Company"), the lessee of
Phi Phi Holiday Inn Resort Hotel located at Phi Phi Island, Krabi Province,
which is the asset belonging to the Fund sent a letter re: "To inform the
postponement of new hotel management chain operation and temporary change of
hotel name of the hotel of Thailand Hospitality Property Fund"

The Company informed that due to the situation of the COVID-19 outbreak which is
still in crisis as there is an outbreak of new variant, Omicron strain which is
more contagious and spread rapidly. The Thai government has imposed strict
measures to screen foreign tourists.  In addition, the Chinese government still
does not allow Chinese people to travel abroad which consequently affect the
tourism business, especially the hotels of the Fund located on Phi Phi Islands,
which have mainly foreign customers.  There is also a new factor, that is,
situation of war between Russian and Ukraine.  This interrupted the visit by
Russian tourists, which is another major group of tourists who come to Thailand
during this period.  And, it is still unable to assess when this war crisis will
end.  Therefore, Minor Hotel would like to postpone the management of the hotel
by asking to reassess the whole situation.  If the situation resolves, it will
begin to operate and manage the hotel.
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However, the hotel reopened in 2021 by not operating continuously throughout the
year and not offering full service and not open to the full area because there
were very few visitors.  During the period when Minor Hotel has not officially
begun operating the hotel, the Company asked to temporarily use the name of the
hotel as "Phi Phi Holiday Resort Hotel".  When Minor Hotel officially assumed
the full operation of the hotel, the Company will inform the Fund immediately.

Please be informed accordingly.

Sincerely yours,

Mr. Alongkorn Prathanrasnikorn
Senior Executive Vice President
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