Marriott International Signs With Asset World Corporation for Three Hotels in Thailand

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USA, Bethesda, Maryland. December 31, 2019

Marriott International, Inc. (NASDAQ: MAR) today announced it has signed agreements with Asset World Corporation (AWC), Thailand's leading integrated lifestyle real-estate group, to introduce three of its global hospitality brands to Thailand. The agreement would fuel the company's expansion in Thailand with the addition of three hotels comprised of nearly 1,550 rooms expected to open between late 2020 and 2024. Under the agreements, AWC is expected to open a 248-room Courtyard by Marriott in late 2020 in Phuket, as well as a 900-room Marriott Marquis hotel and a 398-room JW Marriott hotel both in Pattaya.

"We are greatly delighted to strengthen our relationship with Marriott International, the prominent global hospitality operator that ensures the highest standards of hospitality in line with our values," said Wallapa Traisorat, CEO and President of Asset World Corp Public Company Limited (AWC).

"We expect the hotels to benefit from Marriott International's powerful global distribution platform, innovative sales and marketing programming and industry leading experience. In addition, the scale of its loyalty program - Marriott Bonvoy - is pivotal to attracting travelers," Wallapa added. "Our collaboration with Marriott International will help us set a new hospitality benchmark in Pattaya and Phuket - two highly dynamic cities now emerging as ideal destinations for both leisure and MICE tourism, with endless opportunities from a constant inflow of business and leisure travelers."

Courtyard by Marriott Phuket Town Targeted to open in late 2020, the Courtyard by Marriott Phuket Town is at the heart of Phuket Town, surrounded by quaint historic Chino-Portuguese buildings set on scenic streets. The hotel is expected to fly the Courtyard by Marriott brand flag following a strategic renovation of the well-known Metropole Phuket Hotel. Slated to offer 248 guest rooms, two food and beverage outlets and approximately 2,000 sqm of meeting space, the hotel is set to deliver an experience designed to fuel the passion of business and leisure travelers alike with modern fuss-free amenities.

JW Marriott The Pattaya Beach Resort & Spa and Pattaya Marriott Marquis Hotel Expected to rise in Central Pattaya within AWC's Mega Scale Mixed-Use Destination modeled after the highly acclaimed Asiatique The Riverfront in Bangkok, the JW Marriott The Pattaya Beach Resort & Spa and Pattaya Marriott Marquis Hotel, together are expected to offer 1,298 guest rooms; 11 food & beverage outlets; and approximately 10,000 sqm of convention, event and meeting spaces once opened. The JW Marriott The Pattaya Beach Resort is expected to cater to sophisticated, mindful travelers and will be a luxury haven for guests to focus on feeling present in the mind, nourished in body and revitalized through the brand's curated programming. In line with Marriott Hotels' ‘Let Your Mind Travel' brand positioning, the Pattaya Marriott Marquis Hotel is expected to offer a mix of innovative, modern design exemplified in the intuitively designed rooms, brilliant guest service and inventive dining options that anticipate the needs of travelers, serving as a platform for igniting creativity in guests around the globe.

AWC's Mega Scale Mixed-Use Destination project comprises an array of indoor and outdoor retail spaces, with attractions that will appeal to all age groups, including luxury accommodations. Positioned as the new iconic destination in Pattaya, the project is set to be the new ‘Absolute Center of Pattaya - The Place To be', capturing MICE and leisure travelers, both local and international. The construction of the project is expected to be completed in the fourth quarter of 2023 and be ready to open in the second quarter of 2024.

"We look forward to building on our long-standing relationship with Asset World Corporation with this landmark multi-agreement signing for three new hotels in Pattaya and Phuket," added Craig S. Smith, Group President, Marriott International Asia Pacific. "Sharing similar values of attaining the highest standards in hospitality, Marriott International is proud to play a strategic role in AWC's vision of expanding its diverse portfolio of hospitality and lifestyle projects in Thailand and beyond."

Asset World Corporation is one of the largest owners of Marriott International properties in Asia Pacific (excluding China) with more than 4,200 rooms across Thailand.