Thailand-based ONYX Hospitality Group and JR Kyushu Business Development (Thailand) Co. Ltd, an affiliate of Kyushu Railway Company (JR Kyushu), leading Japanese conglomerate with businesses in various segments including transportation, real estate development and hospitality, have entered a partnership for Shama Lakeview Asoke, a 429-key serviced apartments complex in the prime central Bangkok business, entertainment and residential district of Asoke.
Following JR Kyushu’s purchase of the existing serviced apartments property on Sukhumvit Soi 16 in December 2017, the company has appointed ONYX Hospitality Group as the hotel management service provider for this property under its Shama brand. The launch of the property as Shama Lakeview Asoke Bangkok is scheduled for 1 April 2018. This project signifies the first major investment in Thailand by JR Kyushu, and ONYX Hospitality Group’s first collaboration with a Japanese institutional partner.
Mori Building Real Estate Investment Advisory Co., Ltd acted as the exclusive advisor to JR Kyushu in identifying the investment and the hotel operator and successfully negotiating the terms of the sale and purchase as well as management agreements.
Strategically located at the heart of the Bangkok Central Business District, Shama Lakeview Asoke will enjoy easy proximity to many of the Thai capital’s major business, retail and entertainment centres. Ideally located for professional, leisure, educational, weekend and recreational pursuits, the property is also a short stroll to the Asoke skytrain and Sukhumvit subway interchange stations, the Queen Sirikit National Convention Centre and the Benjakitti Park and Lake with foot and cycling paths connecting to the city’s famous Lumpini Park.
Shama Lakeview Asoke will offer a wide range of accommodation options from studio suites to three-bedroom apartments in two towers, an all-day dining restaurant, pool deck with lake views, golf practice range, fitness centre, kids’ playroom and a meeting room. Parts of the property will undergo refurbishment and enhancements throughout 2018 and 2019.
Douglas Martell, President and CEO, ONYX Hospitality Group, said: “With this collaboration, we are proud to be entering a partnership with JR Kyushu, one of Japan’s leading corporations, to bring the Shama brand proposition to life in this iconic property and city centre location. Shama Lakeview Asoke Bangkok will be our largest Shama property by number of apartments to date, and we are committed to the ongoing growth and expansion of Shama as part of our journey towards making ONYX the best medium-sized hospitality player in the Asia-Pacific region.”
Toshihiko Aoyagi, President, JR Kyushu, said: “The Shama Lakeview Asoke Bangkok project is a crucial step as our first business engagement in Southeast Asia. It is our great pleasure and honour to enter a strong and long-lasting partnership with ONYX Hospitality Group, which has one of the greatest experiences and most excellent track records in hospitality in this region. The JR Kyushu group is determined to continue with further growth and evolution, committed to playing its part towards making Kyushu, Japan and Asia more dynamic, by accelerating our endeavours towards the real estate businesses including hotels and serviced apartments in Southeast Asia.
Shama is a leading and award-winning provider of premium serviced apartments across Asia, with 19 serviced apartment properties across Asia Pacific, including 11 in the development pipeline in markets such as Australia, China and Malaysia. Shama was awarded “Best Serviced Apartment Operator of Asia” for the fifth consecutive year at the AHF Asia Hotel Awards 2017.
Based in Bangkok, ONYX Hospitality Group has a growing regional portfolio of 44 operating properties across three core brands in eight countries. The group has a robust development pipeline of over 20 new properties in markets such as Australia, Malaysia and Laos, and has set a target of having 99 hotels open by 2024 as part of its journey towards being the best medium-sized hospitality player in the region.
As part of its medium-term business plan from 2016-2018, JR Kyushu will take on the challenges of new businesses and expanding outside the Kyushu area as one of its key strategies. Overseas, JR Kyushu group already operates restaurants in Shanghai, China, and in 2017, it established two companies, JR Kyushu Capital Management (Thailand) Co, Ltd. and JR Kyushu Business Development (Thailand) Co, Ltd., to focus on business potential in Southeast Asia. JR Kyushu group is pushing ahead with business expansion aimed at Southeast Asian markets in the real estate business.