AWC plans to sell four hotels and The Empire office building into the AWR REIT, valued up to THB 51.4bn, with AWC keeping about 28% of units. AWC expects a one-off pre-tax capital gain of about THB 10bn, but this is an estimate that depends on the final price and deal terms. The hotels will be leased back to AWC's subsidiary on 3-year terms renewable up to four times. For a small Thai operator this is background: it signals more Thai REITs buying hotel and office assets, not a change in costs, rules or demand you need to act on this quarter.