Property Perfect sells Hyatt Regency Sukhumvit Hotel
Property Perfect Pcl, a leading real-estate developer in Thailand, has announced the sale of the Hyatt Regency Sukhumvit Hotel for 5.055 billion baht.
The sale is part of the company’s strategic plan to strengthen its financial position and reduce debt, according to a press release on Monday.
Sanith Adhyanasakul, chief executive director of Property Perfect, explained that the sale of the hotel, owned by Grand Asset Hotels & Property, aligns with the company’s strategy to optimise its asset portfolio.
The proceeds from the sale will be used to repay loans and debentures, significantly reducing the company’s debt burden and interest expenses.
"The proceeds from the sale of Grand Asset's hotel will be used to repay loans to financial institutions totalling 3.5 billion baht as well as 620 million baht in debentures. This will help the Group reduce its debt burden while significantly lowering the burden of interest payments, resulting in improved Group performance," Sanith said.
Despite the sale, Property Perfect remains committed to its hotel business. The company still owns four other hotels, including the Royal Orchid Sheraton Hotel, The Westin Grande Sukhumvit, Sheraton Hua Hin Resort & Spa, and Sheraton Hua Hin Pranburi Villas. These properties are strategically located in popular tourist destinations and are expected to benefit from the ongoing recovery of the tourism industry.
In addition to its hotel business, Property Perfect is developing other real-estate projects. The company plans to commence construction of the Amatara Whale Resort Rayong in 2026. This luxurious resort will offer a range of five-star amenities, including luxury rooms, convention halls, and wellness facilities.
Furthermore, Property Perfect subsidiary V Retail is developing a mixed-use project on Ratchadapisek Road. This project will feature a night-market zone, “Jodd Fair Ratchada”, managed by the renowned Jodd Fair team.
The night market is expected to attract both local and international tourists, contributing to the revitalisation of the Ratchadapisek area.
"The opening of Jodd Fair Ratchada, a new night market that will add colour to both retail and tourism businesses, will transform the area into a popular tourist destination for Thais and a magnet for foreign tourists looking to experience Thailand's charm at night,” Sanith said. "It is expected to become a popular destination for both Thai and provincial tourists, as it did with the first Jodd Fair Market,"
