Thai tycoon snaps up Sydney hotel

Calcutta News.Net
Saturday 28th June, 2008

TCC Land, owned by Thai billionaire Charoen Sirivadhanabhakdi, is to fork out $76 million (USD 73 million) to buy a 4 star hotel and tavern in Sydney.

TCC is believed to have exchanged contracts on the 230-room Novotel Rockford hotel and adjoining Pumphouse tavern in Darling Harbour, in Sydney.

The deal is subject to Australia's FIRB (Foreign Investment Review Board) approval. The hotel will continue to be managed by the vendors under a management agreement, and a license agreement from Accor for the Novotel brand.

According to Forbes magazine, which ranks Sirivadhanabhakdi as the 264th richest individual in the world with an estimated wealth of $3.4 billion, he is the son of a fried-mussel-pancake street vendor in Bangkok. Sirivadhanabhakdi made his fortune in whiskey and beer. His Chang Beer brand is Thailand's top seller. He also has his hand in hotels, and owns a chain of hotels in Thailand, along with the Plaza Athenees in New York City and Bangkok.

Sirivadhanabhakdi recently announced he would no longer invest in Thailand due to the political uncertainty there.

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