Property Perfect sells Hyatt Regency Sukhumvit Hotel
Property Perfect Pcl, a leading real-estate developer in Thailand, has announced the sale of the Hyatt Regency Sukhumvit Hotel for 5.055 billion baht. The sale is part of the company’s strategic plan to strengthen its financial position and reduce debt, according to a press release on Monday.
Sanith Adhyanasakul, chief executive director of Property Perfect, explained that the sale of the hotel, owned by Grand Asset Hotels & Property, aligns with the company’s strategy to optimise its asset portfolio.
The proceeds from the sale will be used to repay loans and debentures, significantly reducing the company’s debt burden and interest expenses.
Despite the sale, Property Perfect remains committed to its hotel business. The company still owns four other hotels, including the Royal Orchid Sheraton Hotel, The Westin Grande Sukhumvit, Sheraton Hua Hin Resort & Spa, and Sheraton Hua Hin Pranburi Villas. These properties are strategically located in popular tourist destinations and are expected to benefit from the ongoing recovery of the tourism industry.