The Hyatt Regency Sukhumvit Hotel has been sold for a record 5.055 billion baht to an undisclosed buyer, representing the largest property transaction in Thailand’s history, according to the global real estate services company JLL.
Representing the hotel owner, Grand Asset Hotels & Property Plc, JLL facilitated this landmark transaction as part of the company’s strategic efforts to enhance its financial standing and reduce debt.
Nihat Ercan, JLL’s chief executive of hotels & hospitality for Asia Pacific, remarked, “The hotel business in Thailand continues to gain prominence as one of the most attractive investment destinations in the world, drawing attention from both Thai and international investors.”
Ercan highlighted that the transaction signifies a sustained surge in investment into Thailand’s hospitality sector, which has been notable in recent years.
He continued, “JLL has successfully attracted capital from both domestic and international sources into the tourism industry, and we anticipate that this positive trend will continue into the future.”
Ercan also pointed out the rarity of transactions involving five-star hotels in Bangkok’s prime areas at such a scale, noting that these properties are often priced high for their potential as long-term or strategic investments.
Chakkrit Chakrabandhu Na Ayudhya, head of hotel investment sales at JLL Thailand, emphasized that this deal solidifies JLL’s role as a premier broker for major hotels in the country.
This year alone, JLL has secured several other sales agreements within Thailand, including properties like The Lamai Samui Resort and Spa, Hilton Garden Inn Phuket Bang Tao, and various serviced apartments, he noted.
JLL projects that hotel sales and investment in Thailand for this year will surpass 20 billion baht, more than tripling last year’s figures.
Jones Lang LaSalle Incorporated operates globally as a real estate services firm, originally established in the United Kingdom and now has a presence in 80 countries.
