Hyatt Regency Sukhumvit Hotel sale is Thailand’s biggest property deal

The sale of Hyatt Regency Sukhumvit Hotel at 5.055 billion baht to an undisclosed buyer marks the biggest property deal in Thailand’s history, global real estate services company JLL said on Friday.

JLL represented the hotel owner, Grand Asset Hotels & Property Plc, in this historic deal, which is part of the company’s strategic plan to strengthen its financial position and reduce debt, according to a press release issued earlier this week.

“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,” said Nihat Ercan, JLL’s chief executive of hotels & hospitality, Asia Pacific. 

He said the sale of the Hyatt Regency Sukhumvit Hotel marks a continued influx of investment into Thailand's hotel sector over the past several years.

“JLL has successfully attracted capital from both domestic and international sources into the tourism industry, and we anticipate that this positive trend will continue in the future,” he added.

Ercan noted that the sale of five-star hotels in prime locations of Bangkok at this scale was a rare phenomenon, adding that owners often set a high price as this kind of property would be suitable for long-term or strategic investment.

Chakkrit Chakrabandhu Na Ayudhya, JLL’s head of hotels investment sales, Thailand, added that this historic deal underscores JLL’s position as a leading representative for major hotels in Thailand. This year, the company has closed several sales contracts in the kingdom, including The Lamai Samui Resort and Spa, Hilton Garden Inn Phuket Bang Tao, and several other service apartments, he said.

JLL estimated that the value of sales and investment of hotels in Thailand this year would exceed 20 billion baht, tripling the amount recorded in 2023.