LH Shopping Centers Leasehold Real Estate Investment Trust

What LH Shopping Centers Leasehold Real Estate Investment Trust does

LH Hotel Real Estate Investment Trust (LHHOTEL) is a Thai publicly listed Real Estate Investment Trust on the Stock Exchange of Thailand under ticker LHHOTEL, established in 2018 and managed by Land and Houses Fund Management Co., Ltd. The trust holds leasehold rights to five Grand Center Point branded hotels: three in Bangkok (Terminal 21, Ratchadamri, Sukhumvit 55) and two in Pattaya (Space Pattaya, Pattaya), with lease tenors ranging from approximately 21 to 28 years. Total portfolio area exceeds 270,000 square meters with more than 1,600 rooms across the properties. All properties are leased from subsidiaries of the parent Land and Houses Public Company Limited (L&H Property Co., Ltd. and L H Mall and Hotel Co., Ltd.), creating a related-party structure across asset manager, lessor, and brand operator.

LHHOTEL generates revenue through two recurring streams: hotel lease rental income and hotel service income, both classified as subscription/recurring in nature. The trust reaches investors through SEC-approved distribution agents appointed by the asset manager, with units trading on SET at 14.00 baht per unit against an NAV of 13.0201 baht per unit (total NAV approximately 13.66 billion baht) as of mid-2025. Distribution channels include SET regulatory announcements, the corporate website (www.lhhotelreit.com), email newsletters, and social media (Facebook, Line). The trust was ranked in the SET ESG100 securities list for the second consecutive year in 2025. The stated strategy is to invest in additional properties to grow the portfolio, though no new acquisitions have closed since the 2018 launch and recent activity centers on competitive bidding for the existing Ratchadamri asset.

Customers of the underlying hotels are tourists and business travelers seeking 4-5 star accommodation in prime Bangkok and Pattaya locations near BTS skytrain stations and co-located shopping centers. The trust does not directly serve these end customers; instead, revenue flows from the hotel operators under long-term lease arrangements. Geographic footprint is exclusively domestic Thailand, and there is no AI, proprietary technology platform, or international expansion in evidence.

Name

LH Shopping Centers Leasehold Real Estate Investment Trust

Legal name

LH HOTEL REAL ESTATE INVESTMENT TRUST

Website

https://lhscreit.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

LH Hotel Real Estate Investment Trust (LHHOTEL) is a Thai SET-listed REIT holding leasehold rights to five Grand Center Point hotels across Bangkok and Pattaya, generating recurring rental and service income for unitholders under a related-party structure with Land and Houses PCL.

Ownership category

akta.pro rank

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others

Revenue model

1. Hotel Lease Rental Income: Primary revenue stream from lease rental income generated by five Grand Center Point hotels. The trust holds leasehold rights to hotel properties and earns rental payments from property operators.
2. Hotel Service Income: Revenue generated from hotel service charges and related hospitality services as part of the overall hotel property income.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

LHHOTEL is a hotel-focused Real Estate Investment Trust that holds leasehold rights to 5 Grand Centre Point hotels in Thailand (3 in Bangkok and 2 in Pattaya). The trust generates returns for unitholders through rental income and service fees from hotel property operations, with investment units publicly traded on the Stock Exchange of Thailand under ticker LHHOTEL.

Product overview

LHHOTEL is a hotel-focused Real Estate Investment Trust (REIT) that operates as a single, unified investment vehicle. The trust invests exclusively in hotel leasehold rights and hotel property ownership, currently holding 5 Grand Centre Point branded hotel properties in Thailand. The portfolio generates returns through rental income and service fees from hotel operations, with a strategy focused on continuous income generation and asset growth.

Differentiator

Problem solved

Functional benefit

Products and services

• Grand Centre Point Terminal 21 Leasehold rights and ownership of hotel property located on Sukhumvit Road near Asok intersection in Bangkok, with approximately 47,298 sqm total area including 21,090 sqm of rentable space, connected to Terminal 21 shopping center. This is a hotel property investment held by the REIT for income generation.
• Grand Centre Point Ratchadamri Leasehold rights and ownership of hotel property on Ratchadamri Road in Bangkok with approximately 66,628 sqm total area including 35,120 sqm of rentable space, located near BTS Ratchadamri station. This is a hotel property investment held by the REIT for income generation.
• Grand Centre Point Sukhumvit 55 Leasehold rights and ownership of hotel property on Sukhumvit Road in Bangkok with approximately 42,920 sqm total area including 18,139 sqm of rentable space, located near BTS Thong Lo station. This is a hotel property investment held by the REIT for income generation.
• Grand Centre Point Space Pattaya Leasehold rights and ownership of 490-room hotel property in Pattaya business district with approximately 73,057 sqm total area, located 700 meters from Pattaya Beach. This is a hotel property investment held by the REIT for income generation.
• Grand Centre Point Pattaya Leasehold rights and ownership of 396-room hotel property in Pattaya with approximately 41,022 sqm total area, located 500 meters from the beach and co-located with Terminal 21 Pattaya shopping center. This is a hotel property investment held by the REIT for income generation.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• L&H Property Co., LtdcoreOthersSubsidiary of Land and Houses Plc that serves as the property lessor for three hotel leasehold properties: Grand Center Point Terminal 21, Grand Center Point Rajadamri, and Grand Center Point Sukhumvit 55. The REIT holds leasehold rights from this entity.
• L H Mall and Hotel Co., LtdcoreOthersSubsidiary of Land and Houses Plc that serves as the property lessor for two Pattaya hotel leasehold properties: Grand Center Point Space Pattaya and Grand Center Point Pattaya. The REIT holds leasehold rights from this entity.

Scale indicators3 records

Recent moves4 records

Expansion highlights4 records

Broad incumbents

• Host Hotels & Resorts: Largest US lodging REIT, owning luxury and upper-upscale hotels across the US. Comparable in business model and asset class but operates at materially larger scale and with a freehold portfolio.

Direct peers

• Japan Hotel REIT Investment Corporation: Tokyo-listed hotel REIT that owns/leases hotels across Japan operated under multiple brands. Closest geographic and structural comparable for an Asian pure-play hotel REIT with lease-based income from hotel operators.
• Sunstone Hotel Investors: US-listed hotel REIT owning long-term fee/simple leasehold interests in upper-upscale and luxury hotels. The fee/simple leasehold structure and group-level operating partner approach make it especially comparable to LHHOTEL's leasehold model.
• Pebblebrook Hotel Trust: US-listed hotel REIT focused on urban and resort upper-upscale hotels. Similar pure-play lodging REIT model with operator relationships; serves as a useful Western benchmark for hotel REIT economics.
• Park Hotels & Resorts: US-listed lodging REIT owning premium-branded hotels. Directly comparable in business model (hotel REIT leasing assets to/operated by major operators), though freehold-owned and geographically in the US.
• CDL Hospitality Trusts: Singapore-listed hospitality trust with hotels across Asia-Pacific (Singapore, Australia, Japan, Maldives, UK, etc.). Most directly comparable to LHHOTEL as an Asian hospitality REIT investing in hotel assets for rental/lease income from operators, with similar leasehold/asset-light DNA.
• Frasers Hospitality Trust: Singapore-listed hospitality trust (now part of Frasers Centrepoint Trust group) holding hotels and serviced residences across Asia, Australia, and Europe. Directly comparable as an Asia hospitality trust with leasehold/asset-light structure and operator relationships.
• Far East Hospitality Trust: Singapore-listed hospitality trust holding hotels and serviced residences in Singapore. Smaller, geographically concentrated Asia hospitality trust with similar REIT structure and operator-lease income model.
• Ascott Residence Trust: Singapore-listed trust investing in serviced residences, hotels, and rental housing properties across Asia-Pacific and Europe. Comparable as a hospitality-focused trust with sponsor (CapitaLand) similar in role to LH Group's sponsorship of LHHOTEL.

Regional players

• Regal REIT: Hong Kong-listed REIT that previously held hotels in Hong Kong. Comparable as an Asia-listed hospitality REIT with hotel lease income, though primarily focused on the Hong Kong market rather than Thailand.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LH Shopping Centers Leasehold Real Estate Investment Trust