JLL advises on the sale of Oakwood Studios Sukhumvit Bangkok Hotel to Worldwide Hotels Pte Ltd
JLL (NYSE: JLL) Hotels & Hospitality Group announced today that it has advised on the sale of Oakwood Studios Sukhumvit Bangkok Hotels, a newly constructed 177-room hotel. The hotel was acquired by Worldwide Hotels Pte Ltd (“WWH”) and the transaction was advised by members of JLL Hotels & Hospitality Group’s Asia Pacific and Thailand teams. This is the fourth hotel WWH has acquired through JLL and follows the acquisitions of Travelodge Bangkok, Travelodge Pattaya in Thailand and Travelodge Dongdaemun in Seoul, Korea.
Oakwood Studios Sukhumvit Bangkok Hotel offers 177 rooms as well as a restaurant, swimming pool and fitness center. It is offered with the benefit of 100% foreign ownership via the Thailand Board of Investment (BOI) promotion.
“This transaction demonstrates investors’ confidence in the Bangkok hotel market and its long-term investment fundamentals. We are pleased to have advised on the transaction as WWH expands its strategic presence in the lucrative Thai hospitality industry,” says Orn Yomchinda, Senior Vice President, Investment Sales, JLL Hotels & Hospitality Group, Asia.
The newly built hotel is located in the desirable neighborhood of Thong Lo, one of Bangkok’s tourist hubs with several top-class restaurants, eclectic bars, cafes and lively nightlife. Oakwood Studios Sukhumvit Bangkok is less than a 10-minute walk from Thong Lo BTS Station.
“Thailand has bounced back strongly from the pandemic lows and reclaimed its place as one of the most sustainable hotel markets in the world. Additionally, JLL remains bullish on the broader Thai hospitality sector, with total investment expected to exceed THB 10 billion this year, in line with the 10-year average recorded between 2012 and 2021.” says Nihat Ercan, Senior Managing Director, Head of Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.
The sale of Oakwood Studios Sukhumvit Bangkok hotel is the third transaction in Thailand completed by JLL Hotels & Hospitality Group since the pandemic began. The Oakwood Studios Sukhumvit Bangkok Hotel transaction follows the recent sales of the Kimpton Kitalay Samui and the Citadines Sukhumvit 23.
This is the third hotel property that JLL Hotels & Hospitality has successfully advised the seller Boutique Corporation PCL on.