CBRE, a leading international property consultant in Thailand, has been appointed to sell two internationally branded hotel properties in two of Thailand’s most popular beach destinations: the Courtyard by Marriott Phuket at Patong Beach and the Courtyard by Marriott Hua Hin in the Gulf resort of Cha-am. A third separate asset, the highly profitable Hard Rock Café and Shop, Patong is also for sale through CBRE. Thailand’s resort markets are enjoying another record high season, as Thailand reaffirms its dominance as Asia’s most popular repeat tourist destination for overseas visitors.
Despite recent flooding, Thailand enjoyed a significant surge in tourism last year, with visitor numbers totalling 17.1 million in the first 11 months of 2011 – an increase of 21.2% compared to the same period in the previous year. While tourist numbers from all major regions globally recorded double-digit growth, the number of tourists from North-East Asia increased the most, with a 34.3% jump to 4.3 million arrivals. Forecast visitor numbers for the whole of 2011 are predicted to be 18.6 million – 17.7% more than the total of 15.8 million tourists who visited over the whole of 2010. This trend is expected to continue into 2012.
The Courtyard by Marriott Phuket at Patong Beach and the Hard Rock Café and Shop are located in Patong, the number one tourist destination on Phuket’s sought after West Coast. It is very unusual for such a prime freehold property to come to the market in Patong, particularly with the benefit that the property will be sold without the restriction of a long-term hotel management contract, giving the buyer complete flexibility in positioning the property to capture Phuket’s growing tourism market.
The hotel comprises 390 rooms situated in an unrepeatable location in the heart of vibrant Patong, within a few minutes’ walk to the beach. The property was extensively renovated in 2008 and is currently operating as the Courtyard by Marriott Phuket at Patong Beach which opened in May 2008, with the Hard Rock Café and Shop opening in January 2009.
“We are extremely excited to take on these instructions. A hotel in this prime Patong, Phuket location is rarely made available to the market. Importantly, the hotel is not tied to a long-term management contract, giving owner-operators and investors the opportunity to introduce their preferred brand to the lucrative Patong market. In addition, the Hard Rock Café and Shop can also be acquired and this part of the property is operated under an agreement with the Hard Rock Group. The Hard Rock Café and Shop, Patong is one of the best performing Hard Rocks globally. The Cha-am hotel has been recently renovated and all 243 rooms have views over the Gulf of Thailand,” said Mr. David Simister, Chairman of CBRE Thailand.
Tourist arrivals in Phuket have grown from just over 1.5 million in 2006 to over 3.5 million in 2010, with total numbers for 2011 forecast to be in excess of 4 million. Patong is the single most popular destination for inbound tourists of all nationalities in Phuket. Patong now longer has a low season and as tourist numbers are expected to grow further with the expansion of Phuket International Airport to double its handling capacity from 6.5 million arrivals annually to 12.5 million arrivals annually.
The Courtyard by Marriott Hua Hin is located in the southern resort of Cha-am. Long popular with Thais seeking a beach holiday within easy reach of Bangkok, the area is increasingly favoured by foreign tourists as more international hotel chains have been developed between Hua Hin and Cha-am.
The 4-star hotel is ideally positioned directly on the best stretch of beach in the area which is wide and sandy and suitable for swimming. It is also conveniently close to Cha-am, with the town’s many restaurants, shops and nightlife within walking distance. Fully renovated in 2008, this stylish 243-room hotel has a comprehensive range of quality hotel and conference facilities. Like the Phuket property, it is offered free of any management contract, thus giving the buyer the freedom to operate under any brand and take full advantage of Cha-am’s growing popularity as a tourist destination.