Urban Hospitality Group intends to build a hotel valued at THB 400 million in the Phloenchit area, according to local media reports. The local hotel and real estate developer wants to serve tourists and business travellers who visit this central Bangkok location.
The new hotel will be known as Quarter at Ploenchit, and is set to become the 7th property in the company’s portfolio, reports the Bangkok Post. Construction on the property will begin early next year and the hotel is expected to open in 2019. There will be 120 rooms at the property along with a sky pool and a Lyon-branded restaurant.
“Our feasibility study found this area has high potential to cater to both business travellers and international tourists. The tourism sector should continue to drive growth for years to come as foreign tourists love Bangkok,” says Urban Hospitality Group Managing Director Wutthiphon Taworntawat to the Bangkok Post.
Quarter at Ploenchit (pictured) is looking to be a 4-star hotel and will have studio, one- and two bedroom accommodations. The developers are also looking to offer room rates that will be lower than other hotels in the area which contains office buildings, embassies, and shopping malls.
A group of investors recently came together to form Urban Ploenchit Co that will serve to develop the project under a 50-year lease contract. The company had been known as the Evergreen Place Hotel Group. Under that name the business was in business for 15 years. It operates 3 hotels as well as a few other projects in Bangkok. The location and concept of Quarter at Ploenchit has been easier for the developer to market to investors and it was able to secure funding quickly.
“Many financial institutions, both local and foreign, have offered us very attractive interest rates for this project. Attracting a loan has been much easier than previous projects,” says Wutthiphon.
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