BANGKOK, 26 November 2021: The Citadines Sukhumvit 23 Bangkok has
been sold for an undisclosed price to the private Thailand-based Bhiraj Buri
Group, according to JLL Hotels & Hospitality. 

JLL represented the sellers, Boutique Corporations PLC and Ascott
Limited, throughout the transaction.

The property is located within Bangkok’s prime Asoke Sukhumvit
district within walking distance to both the BTS Skytrain and MRT underground.

Buying the 138-unit Citadines Sukhumvit 23 Bangkok marks Bhriaj
Buri’s first serviced apartment acquisition.

“Thailand’s hotel market holds a perennial attraction to investors
and we have seen investment activity recovering faster than other Southeast
Asian markets,” says JLL Hotels & Hospitality Group executive vice
president investment sales, Asia Pacific Chakkrit Chakrabandhu Na Ayudhya.

“Prices of investment-grade hotel assets in Bangkok have held
their ground with generally no deep discounts relative to pre-pandemic levels.
As we enter this transition phase, we expect investment volumes to increase in
2022, and foreign investor interest will become a bigger part due to a major
easing of border restrictions since the beginning of November,” he noted.

According to JLL data, Thailand hotel transactions have rebounded
sharply in 2021. The company forecasts over 20 hospitality assets with a total
of around 3,000 keys, worth a combined THB12 billion (USD363.6 million), to be
transacted across the country in 2021, versus THB1.9 billion (USD56.9 million)
in 2020. JLL also estimates 95% of the transaction sizes to range between
THB500 million (USD15.1 million) and THB1 billion (USD30.3 million).

“JLL is delighted to have advised on this milestone transaction
for a highly-sought Bangkok asset. As evidenced by approximately 20 investors signing
the confidentiality agreement for additional information, we are seeing the
improvement in market conditions and remain confident that positive sentiment
will remain,” said JLL Hotels & Hospitality Group vice president investment
sales Asia, Pimpanga Yomchinda.

JLL’s Hotels and Hospitality Group is a leading hotel investment
advisor in the Asia Pacific region with a team of more than 80 hospitality and
investment sales professionals based out of 14 offices in the region. JLL has
advised on USD23 billion of hotel sales over the past decade, representing over
50% share of all brokered hotel transactions. In Thailand, it has advised over
THB40 billion (USD1.2 billion) of hotel transactions from 2010 to date.