“The hotel, recently opened in February 2012, was built with the intent to sell upon completion, allowing a potential hotel investor to avoid a typical planning and construction period of more than three years,” said Mike Batchelor, Managing Director of Jones Lang LaSalle Hotels.
Built to international standards with 297 keys including seven suites, the hotel is currently under the management of Starwood Worldwide. Aloft is the newest member of Starwood’s portfolio and the sister brand of the upscale W Hotels. Aloft Bangkok is the first Aloft-branded hotel to open in South East Asia.
Aloft Bangkok is located along Sukhumvit Soi 11, an incomparable location in one of Bangkok’s main tourist hubs and directly across from the world-famous Bed Supper Club. The hotel emphasizes innovative use of technology to enhance guest experience and efficient design to provide best in class return to an investor. It also contains a wide range of facilities including three food and beverage outlets, fitness center and swimming pool as well as an upcoming nightclub on the 6th floor.
“It is rare for such large scale hotels to be offered to market in a transparent manner in the much sought after Sukhumvit area of Bangkok,” said Karan Khanijou, Vice President of Jones Lang LaSalle Hotels, adding, “The sale campaign of the Aloft has generated significant investor interest from Thailand and around the region.
“The last such transaction in Bangkok, the Sofitel Silom, was sold in early 2011 also by Jones Lang LaSalle Hotels. We have seen a major increase in investor interest in the Thai hotel investment market over the last three months, with several other sales either in advanced stages or expected to be announced in the coming weeks,” Mr. Khanijou continued.
Investor sentiment has improved year-on-year since 2010, mirroring the continued increase in visitor arrivals and hotel performance over the last two years. According to statistics compiled by the Tourism Authority of Thailand, 2011 saw a record 19.1 million visitor arrivals to Thailand, a 20% increase over 2010 figures, also a record year, with Bangkok alone receiving 12.3 million visitors, representing an 18% increase over 2010.
According to the Office of Tourism Development, 2012 visitor arrivals are expected to increase by a further 7.3% to 20.5 million and visitors to Bangkok should post 5-8% growth levels.
The hotel market continues to perform well with the latest data from Smith Travel Research reporting 76.2% occupancy at an average rate of THB 2,781 for Bangkok’s 4-star hotels in February.
Jones Lang LaSalle Hotels expects Thailand to continue to be one of Asia’s most attractive investment destinations due to its popularity with tourists and continually strong growth in visitor arrivals.