05 November 2019
JLL, acting as the exclusive sales agent for Four Points by Sheraton Bangkok, confirmed on Monday that the Malaysian-public listed company, TA Global, purchased the hotel for THB 2.25 billion.
JLL’s Hotels and Hospitality Group’s CEO for hotel investment sales Asia, Mike Batchelor commented: “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.”
The property sits on over 900 square wah (3,600 sqm) of land and features 268 rooms, three F&B outlets, a fitness centre and a rooftop swimming pool. The sale comes with an ongoing management contract with Marriott International.
Four Points by Sheraton Bangkok represents TA Global’s second hotel acquisition in Thailand. Earlier the Malaysian firm acquired Mövenpick Karon Beach Phuket on which JLL also acted on as the exclusive sales agent.
According to JLL’s Hotels and Hospitality Group, the first nine months of 2019 saw four major hotel transactions in Thailand with three being 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 JLL’s Hotels & Hospitality Group executive vice president Chakkrit Chakrabandhu Na Ayudhya.
In 2018, major hotel transactions in Thailand reached THB 21 billion.
TA Global, a public listed company based in Kuala Lumpur, concentrates on the lifestyle property segments. Its hotel investment portfolio includes the Radisson Blu Plaza (Sydney, Australia), The Westin Melbourne (Australia), Swissotel Merchant Court (Singapore), Aava Whistler Hotel (Canada), Swissotel Kunshan (China), Mövenpick Resort & Spa, Karon Beach, Phuket (Thailand) and The Trump International Hotel & Tower (Canada).