BANGKOK,
Thailand — A pair of Bangkok-based companies, Grande Asset Hotels and Property
Perfect, sold the 273-key Hyatt Regency Bangkok Sukhumvit to an undisclosed
seller for 5.055 billion baht (US$155 million) in the largest single-asset
hotel transaction on record in Thailand.
JLL brokered
the transaction and said this kind of deal is rare in the Bangkok hospitality
market.
“Thailand
continues to solidify its position as one of the most attractive global gateway
destinations in the hospitality industry, drawing interest from diverse
domestic and offshore investors,” said Nihat Ercan, CEO of Asia Pacific for JLL
Hotels & Hospitality Group. “Viewed more holistically, the sale of the
Hyatt Regency Bangkok Sukhumvit significantly adds to waves of capital in the
Thai hospitality sector. Over the past several years, we have brought capital
from local and cross-border sources into the industry, and we expect to build
momentum in the coming years.”
The sale is
part of the company’s strategic plan to strengthen its financial position and
reduce debt. The company still owns four other hotels, including the Royal
Orchid Sheraton Hotel, The Westin Grande Sukhumvit, Sheraton Hua Hin Resort
& Spa, and Sheraton Hua Hin Pranburi Villas.
Pawin
Lertpanyaroj, vice president of investment sales, Asia for JLL Hotels &
Hospitality Group, said the deal will help push an uptick in volume for the
Thai hospitality market to over 300% higher than the THB20 billion in sales in
the country that was completed in 2023.
To download
our list of deals from the past week in Excel format, click here.