Mike Batchelor, CEO, Hotels Investment Sales Asia at JLL’s Hotels and Hospitality Group, noted, “The sale of Four Points by Sheraton Bangkok represents the only freehold hotel transaction concluded in Bangkok so far this year. It also marks the largest single hotel asset transaction recorded in Thailand year to date, accounting for over half of the total transaction volume.”
The property sits on over 900 square wah of land and features 268 guestrooms, three Food & Beverage outlets, a fitness centre and a rooftop swimming pool, explained a JLL release announcing the sale.
The hotel was sold with the benefit of management from the world’s largest hotel operator, Marriott International, the release added.
Four Points by Sheraton Bangkok represents TA Global Berhad’s second hotel acquisition in Thailand. The firm had previously acquired Mövenpick Karon Beach Phuket, on which JLL also acted on as the exclusive sales agent, in 2012. (See story here.)
According to JLL’s Hotels and Hospitality Group, the first nine months of 2019 saw four major hotel transactions with three being in Bangkok.
“Several major hotel investment deals are under negotiation at present. A number of these deals should be exchanged by the end of this year but the actual transactions are unlikely to be completed before early 2020,” said Chakkrit Chakrabandhu Na Ayudhya, Executive Vice President at JLL’s Hotels & Hospitality Group.
“This means hotel investment sales volume in Thailand this year will not keep up with the volume seen in 2018 but should pick up in 2020,” he added.
In 2018, Thailand witnessed major hotel transactions with B21 billion of combined value, JLL noted in its release.