A pair of internationally branded hotels in Thailand have been put up for sale. Four Points by Sheraton Bangkok Sukhumvit and Novotel Phuket Karon Beach Resort & Spa have both been made available and JLL Hotels & Hospitality Group was appointed as the exclusive selling agent.
“We expect high interest from both regional and domestic investors attracted by a seldom-offered opportunity to acquire hospitality assets with strong in-place cashflow and the benefit of management under 2 of the world’s largest hotel management companies, Marriott International and AccorHotels,” says Mike Batchelor, International Director of Investment Sales, JLL Hotels & Hospitality Group Asia, in a press release.
The Four Points by Sheraton Bangkok Sukhumvit has 268 keys and is in a prime location on Sukhumvit Road. This is one of the most popular places for tourists coming to Bangkok. The property is also within a five-minute walk to 3 BTS and MRT stations.
Novotel Karon Phuket
The other hotel in the portfolio, Novotel Phuket Karon Beach Resort & Spa, was fully refurbished and opened in 2014. The 224-key hotel is a 2-minute walk to the northern end of Karon Beach and has several amenities that make it a family friendly resort.
Tourism in Thailand is in a boom period with Bangkok recognised by MasterCard as the world’s most visited city. The Thai capital welcomed 20.8 million visitors in 2016. Meanwhile, Phuket is one of Thailand’s preferred beach destinations. It is now served by direct flights from over 70 cities in 21 countries.
“Thailand’s tourism prospects continue to prosper given the country’s already well developed infrastructure, strategic location and reputation as one of the world’s most popular holiday destinations. All these have continued to attract investors to the country’s hotel market. However, these investors have faced the same challenge – a fight for investment grade assets, particularly in major cities such as Bangkok and Phuket,” says Batchelor.
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