BANGKOK, 30 November 2022: Oakwood Studios Sukhumvit Bangkok Hotel, a newly built 177-key hotel, has been sold with JLL Hotels & Hospitality Group advising on the transaction.
The hotel was acquired by Worldwide Hotels Pte Ltd, and the transaction was advised by members of JLL Hotels & Hospitality Group’s Asia Pacific and Thailand teams. This is the fourth hotel that WWH has acquired via JLL and follows the acquisitions of Travelodge Bangkok, Travelodge Pattaya in Thailand, and Travelodge Dongdaemun in Seoul, Korea.
The Oakwood Studios Sukhumvit Bangkok Hotel features 177 rooms, a restaurant, a swimming pool and a fitness centre. It is being offered the benefit of 100% foreign freehold ownership via the Thailand Board of Investment (BOI) promotion.
“This transaction attests to investors’ confidence in the Bangkok hotel market and its long-term investment fundamentals. We’re delighted to have advised on the transaction as WWH increases their strategic footprint in the lucrative Thailand hospitality sector,” said JLL Hotels & Hospitality Group, Asia senior vice president of investment sales Orn Yomchinda.
The newly built hotel is located in Bangkok’s Thong Lor district, one of many tourism hubs with multiple high-quality restaurants, eclectic bars, coffee shops and a lively nightlife scene close to Sukhumvit Road.
“Thailand has rebounded strongly from the pandemic lows and has reclaimed its place of one of the world’s most evergreen hotels markets,” said JLL Hotels & Hospitality Group senior managing director, head of investment sales, Asia Pacific Nihat Ercan.
“JLL remains confident in the broader Thailand hospitality sector with the investment volume expected to exceed THB10 billion this year, on par with the 10-year average recorded between 2012-2021.”
The Oakwood Studios Sukhumvit Bangkok Hotel sale is the third transaction in Thailand that has been completed by JLL Hotels & Hospitality Group since the onset of the pandemic. The Oakwood Studios Sukhumvit Bangkok Hotel transaction follows the recent sales of Kimpton Kitalay Samui and Citadines Sukhumvit 23.