This 153-room hotel is three years old and located on a large lot set back only 20 meters from Second Road in the heart of Pattaya. The owner must put it up for sale to concentrate on his other hotel properties in other parts of the country. Situated on almost two rai of land the hotel has a large car park and pool area and the building is 10 stories, giving the upper floors commanding views of the ocean and city lights of Pattaya.
There are several retail spaces on the ground floor in addition to a 90-seat restaurant that has some seating outside next to the pool. There are 134 superior rooms at 26 square meters and 19 deluxe rooms at 44 square meters. Walk-in rates are 1200 and 1500 baht for the two sizes. Occupancy is averaging 60% year round.
In addition to the main building there is an additional building on the property that the owner is now leasing but which could be purchased and which contains retail space on the ground floor and 46 rooms above that rent out for 5-600 baht per night. The monthly lease is 80,000 baht and the new owner is not obligated to take over the lease, however he may do so, or else the building could be purchased from the owner.
The land is valued at US $1,000,000 and the building is valued at US $2,750,000 Annual revenue is US$600,000 with profits of US $250,000. There are 90 employees with a monthly payroll of US $8,333.
This property is priced to sell now at only 165 million baht. All serious enquiries should be made soon because this property will not last long in Pattaya's hot real estate market. (Ref: TH054/05). Email or contact Tom at 01-832-9921 for more information on this on this Hotel business for sale.