Thailand: The Citadines Sukhumvit 23 Bangkok aparthotel has been sold for an undisclosed price to the Bhiraj Buri Group.
JLL Hotels & Hospitality represented the sellers, Boutique Corporations PLC and Ascott Limited, throughout the transaction.
The property is located within Bangkok’s Asoke Sukhumvit district, within walking distance to both the BTS Skytrain and MRT underground.
The 138-unit property is Thai private investor Bhriaj Buri Group’’s first serviced apartment acquisition.
JLL Hotels & Hospitality Group vice president investment sales Asia, Pimpanga Yomchinda, said: “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.”
