Grande Royal Orchid Hospitality REIT (SET:GROREIT) plans to seek unitholder approval to dispose of its Royal Orchid Sheraton Hotel and Towers Project, following Royal Orchid Hotel (Thailand)'s failure to buy back the assets when the lease expired in July.

The REIT manager will propose three disposal options at a unitholders' meeting on Oct. 28: a sale to Royal Orchid Hotel for 4.87 billion baht, a sale to Orchid Hospitality for 5.3 billion baht, or an open auction if the first two options are not approved or cannot be completed.

The meeting will also consider terminating and liquidating Grande Royal Orchid Hospitality REIT after the assets are disposed of. The record date for eligible unitholders is Sept. 29, it said.

Shares of the hospitality real estate investment trust rose nearly 11% in recent trade.