The Citadines Sukhumvit 23 Bangkok was sold for an undisclosed price to private Thailand-based group Bhiraj Buri (Thailand), according to JLL (NYSE: JLL) Hotels & Hospitality. JLL represented the vendors, Boutique Corporations PLC and Ascott Limited, throughout the transaction.
The property is located in the main Asoke Sukhumvit area of Bangkok, within walking distance of the BTS skytrain and MRT metro. Citadines Sukhumvit 23 Bangkok sold with a total of 138 keys and the purchase marks the first acquisition of a serviced apartment in Bhriaj Buri.
“The Thai hotel market is a constant draw for investors and we have seen investment activity recover faster than other Southeast Asian markets. Prices for premium hotel assets in Bangkok have held steady throughout this period, with generally no significant discounts from pre-pandemic levels. As we enter this transitional phase, we anticipate that investment volumes will increase in 2022 and that the interest of foreign investors will become more important due to a major easing of border restrictions since the beginning of this month ” , says Chakkrit Chakrabandhu Na Ayudhya, Executive Vice President, Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.
According to data from JLL, hotel transactions in Thailand rebounded strongly in 2021. The company forecasts a total of around 3,000 keys to be processed in 2021 with a combined value of THB 12 billion (US $ 363.6 million ) vs. THB 1.5 billion (US $ 45.4 million) in 2020 More than 20 properties are expected to be traded in 2021 with 95% of the asset size traded between THB 500 million and 1 billion THB (US $ 15.1 million to $ 30.3 million).
“JLL is delighted to have advised this important transaction for a highly sought after asset in Bangkok. As evidenced by around 20 investors signing the confidentiality agreement for additional information, we see improving market conditions and are confident that the positive sentiment will remain, ” says Pimpanga Yomchinda, Vice President, Investment Sales, Asia, JLL Hotels & Hospitality Group.
JLL Hotels and Hospitality Group is Asia-Pacific’s premier hotel investment advisor with a dedicated team of over 80 hospitality and investment sales professionals based out of 14 offices in the region. Ranked # 1 investment advisor in Asia Pacific for 10 consecutive years by Real Capital Analytics, JLL has advised US $ 23 billion in hotel sales over the past decade, accounting for over 50% of all transactions negotiated hoteliers. JLL is also Thailand’s premier hotel transaction advisor, advising over THB 40 billion (US $ 1.2 billion) in hotel transactions.
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