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The portfolio is being offered for sale through an international tender process with JLL's Hotels & Hospitality Group.
A portfolio of hotels located in Thailand and India's most visited cities are being offered for sale through an international tender process with JLL's Hotels & Hospitality Group. The Premier Inn portfolio comprises hotels in Thailand -- Bangkok and Pattaya, and India -- New Delhi, Chennai, Bangalore, Pune and Goa.
Thailand's tourism industry is destined to achieve another record year in 2016 with approximately 33.8 million international visitor arrivals. India is continually ranked as one of the fastest growing economies in the world with a 2016 forecast GDP growth of 7.6%.
"With vacant possession and prime central locations, portfolios of this size and scale were rarely offered to market. We expect interest from global, regional and domestic investors attracted by a platform opportunity allowing for immediate rebranding to the operator of their choice," said Mike Batchelor, Managing Director of Investments Sales, JLL's Hotels & Hospitality Group for Asia.
With a collective key count of 388, the two hotels in Thailand are being offered with a rare privilege of 100% foreign ownership in a country where foreigners are typically restricted to owning a maximum 49% of freehold real estate. Due for completion in the first half of 2017, the proposed Bangkok Hotel is located in Sukhumvit Soi 11 at the heart of the city's retail and entertainment precinct. Rebranded in 2015, the Pattaya Hotel is located minutes from Pattaya's popular Second Road and in close proximity to the resort town's beaches, retail malls and the famous Walking Street.
The Premier Inn India portfolio of 583 keys with prime locations in five of India's best performing cities will be amongst the largest hotel portfolios offered in recent times.
"Given that we are witnessing the beginning of the upcycle in the sector and the renewed interest in Indian hospitality assets by global institutional investors, the Premier Inn opportunity of unencumbered income generating assets in top Indian cities is sure to be keenly contested," said Paul Chakkrit, Senior Vice President, JLL's Hotels & Hospitality Group, Asia."
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