Mike Batchelor, CEO, Hotels Investment Sales Asia at JLL’s Hotels and Hospitality Group, comments “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 F&B outlets, a fitness centre and a rooftop swimming pool. It was sold with the benefit of management from the world’s largest hotel operator, Marriott International.
Four Points by Sheraton Bangkok represents TA Global Berhad’s second hotel acquisition in Thailand. Prior to this, the firm has acquired Moevenpick Karon Beach Phuket on which JLL also acted on as the exclusive sales agent.
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. 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,” says Chakkrit Chakrabandhu Na Ayudhya, Executive Vice President at JLL’s Hotels & Hospitality Group.
In 2018, Thailand witnessed major hotel transactions with THB 21 billion of combined value.