JLL advises on Oakwood Studios Sukhumvit Bangkok Hotel transaction
BANGKOK, 24 November 2022 – JLL (NYSE: JLL) Hotels & Hospitality Group today announced that it advised on the sale of the Oakwood Studios Sukhumvit Bangkok Hotel, a newly built 177-key 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 that WWH has acquired via JLL, and follows the acquisitions of Travelodge Bangkok, Travelodge Pattaya in Thailand as well as Travelodge Dongdaemun in Seoul, Korea.
The Oakwood Studios Sukhumvit Bangkok Hotel offers 177 rooms together with a restaurant, swimming pool and fitness centre. It is being offered with the benefit of 100% foreign freehold ownership via the Thailand Board of Investment (BOI) promotion.
“This transaction attests to investors’ confidence in the Bangkok hotel market and its long-term investment fundamentals. We’re delighted to have advised on the transaction as WWH increases their strategic footprint in the lucrative Thailand hospitality sector” said Orn Yomchinda, Senior Vice President, Investment Sales, JLL Hotels & Hospitality Group, Asia.
The newly built hotel is located in the desirable neighbourhood of Thong Lo, one of Bangkok’s tourism hubs with multiple high-quality restaurants, eclectic bars, coffee shops and a lively nightlife scene. Oakwood Studios Sukhumvit Bangkok is located less than a 10-minute walk from the Thong Lo BTS Station.
“Thailand has rebounded strongly from the pandemic lows and has reclaimed its place of one of the world’s most evergreen hotels markets. Furthermore, JLL remains confident in the broader Thailand hospitality sector with the investment volume expected to exceed THB 10bn this year, on par with as the 10-year average recorded between 2012-2021,” says Nihat Ercan, Senior Managing Director, Head of Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.
The Oakwood Studios Sukhumvit Bangkok Hotel sale is the third transaction in Thailand that has been completed by JLL Hotels & Hospitality Group since the onset of the pandemic. The Oakwood Studios Sukhumvit Bangkok Hotel transaction follows the recent sales of Kimpton Kitalay Samui and Citadines Sukhumvit 23.
This is the third hotel asset that JLL Hotels & Hospitality has successfully advised the seller, Boutique Corporation PCL.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.