Malaysian lifestyle property company completes acquisition of Four Points by Sheraton Bangkok
TA Global Berhad paid THB2.25 billion (USD74,603) to finalise the transaction
TA Global Berhad, a Malaysian-listed lifestyle property company, has officially acquired Four Points by Sheraton Bangkok for THB2.25 billion (USD74,603), reported JLL, the hotel’s exclusive sales agent.
“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,” said Mike Batchelor, the CEO for Hotels Investment Sales Asia at JLL’s Hotels and Hospitality Group.
The hotel is situated on 3,600 square metres of land and features a rooftop pool, a fitness centre, three F&B outlets, and 268 guestrooms. It was sold to benefit from the world’s biggest hotel operator, Marriott International.
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This is the second hotel acquisition in the country for TA Global Berhad, after purchasing Mövenpick Karon Beach Phuket, with JLL also acting as the exclusive sales agent.
The Hotels and Hospitality Group of JLL said they witnessed four major hotel transactions in the country for the first nine months of 2019, and three of these were 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,” said Chakkrit Chakrabandhu Na Ayudhya, Executive Vice President at JLL’s Hotels & Hospitality Group.
In 2018, the major hotel transactions in Thailand generated a combined value of THB21 billion.
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