BANGKOK, 27 February 2019: Located on Sukhumvit Road in the heart of Bangkok’s central business district, Four Points by Sheraton Bangkok Hotel is up for sale.
This is the first time the hotel has been offered for sale as a single asset and rather than part of a wider portfolio sale, JLL’s Hotels and Hospitality Group, the exclusive brokering agent for the hotel reported.
Four Points by Sheraton Bangkok is situated on approximately 2.3 rai (3,607 sqm) of freehold land, right in the heart of Sukhumvit.
The hotel features 268 rooms, including 19 suites, with an average room size of 36 sqm, four F&B outlets, four meeting rooms, a rooftop swimming pool and a fitness centre.
It is also located close to both the BTS Skytrain Asoke and MRT Sukhumvit stations and in close proximity to numerous retail malls and high-end residential neighbourhoods.
JLL’s Hotels & Hospitality Group, CEO for Asia, Mike Batchelor said: “The sale of Four Points by Sheraton Bangkok has received strong interest from both local and international investors so far. This is due not only to the hotel’s solid performance, but also the increasingly tight supply of investment-grade hotel assets that are offered for sale in Bangkok where long-term tourism outlook is promising.”
“The hotel performs extremely well and is ranked number one in its competitive set with Singapore, Japan, the US, Mainland China and South Korea as the top five nationalities,” said JLL senior vice president, hotels investment sales, Asia, Paul Chakrabandhu Na Ayudhya
“Four Points by Sheraton Bangkok has consistently achieved high occupancies for the past several years and is being offered with the benefit of management under the world’s largest hotel operator, Marriott International,” he added.
Last year, Bangkok registered THB10.2 billion of hotel transaction volume. Despite investors’ continued appetite for hospitality assets in Thailand and confidence in long-term outlook for the country’s tourism industry, Bangkok’s hotel investment volume in 2018 was down by 24.7% from THB13.6 billion recorded in 2017, largely due to a lower number of high-value hotel assets sold.
“This trend is continuing into 2019 as very few hotel owners are keen to dispose of their assets in a market with strong outlook for tourism like Bangkok,” said Batchelor.
In 2018, Bangkok welcomed approximately 24.6 million international visitors, registering an average compound annual growth rate (CAGR) of 7.1% per annum between 2013 and 2018, and is expected to welcome over 25 million international visitors in 2019.
The Thai capital has also been named the world’s most visited city by MasterCard for the past three consecutive years, surpassing London and Paris.
Known for its cultural heritage, modern entertainment and warm hospitality, the city’s tourism industry is poised for further growth as an airport expansion is underway to accommodate 100 million visitors annually by 2024.”