THANK YOU FOR SUBSCRIBING
HVS is the world's leading consulting and valuation services organization that performs more than 4,500 assignments per year for virtually every major industry participant
FREMONT, CA: Thailand's Asset World Corp Public Company Limited has paid THB435 million for dusitD2 Chiang Mai, which was formerly owned by Thailand's Dusit Thani Freehold and Leasehold Real Estate Investment Trust. The 130-room hotel in Chiang Mai's central district has one restaurant and one bar, three conference rooms totalling 349 square metres, a spa and fitness centre, and an outdoor swimming pool. According to reports, AWC has acquired LHONG 1919, a former tourist attraction along the Chao Phraya River in Bangkok, with plans to rebuild it into a THB3.43 billion health resort administered by the Ritz Carlton Group. AWC is likely to continue to expand its portfolio in Thailand, adding over 4,000 new hotel rooms to the country.
Aju Hotels & Resorts Co Ltd of South Korea has sold Westin San Jose to Khanna Enterprises, Ltd. of the United States for USD62.3 million. This 171-key freehold property is conveniently located near the San Jose Convention Center and San Jose State University in downtown. A café, a fitness centre, a business centre, and six conference rooms totalling 1140 square metres are available at the hotel. The hotel was built in the style of Italian Renaissance Revival and Mediterranean Revival architecture and was converted from the previous Sainte Claire hotel structure. AHR owns the 272-key RYSE, Autograph Collection in South Korea, as well as a few hotels in the United States, including the 182-key Ace Hotel Downtown Los Angeles and the 234-key AC Hotel Seattle Bellevue.
The THB7.8 billion East Expansion Project at Bangkok's Suvarnabhumi Airport has been approved by Thailand's government. The entire construction project is expected to cover 66,000 square metres and also include 108 new check-in counters, six sets of baggage conveyors, and nine security checkpoints upon arrival. The upgraded airport is predicted to be able to accommodate 65 million passengers per year when it is finished in March 2025, up from 45 million passengers per year now. Thailand's tourism is predicted to recover to pre-pandemic levels in 2024 or 2025, and now is the ideal moment to begin the extension project, given the airport is now unoccupied due to the global travel ban.