CHOM VIEW Hotel in Hua Hin will spend more than 20 million baht (US$666,000) to turn its 52 two-bedroom garden view duplex suites into private residences, which it intends to lease out individually for 15-year terms.
The property owner, Koravic Bhanubandh Na Ayudhaya, said the rights for 10 of the residences had already been sold to repeat guests of the hotel. The units are priced between 1.23 million and 10 million baht each.
Koravic said the hotel was due to undergo a full refurbishment, in stages, between this year and next. The 52 units to be leased will be renovated in the first phase, which is slated for completion by November.
She added that prospective buyers could reap a full return on investment by renting out their units for hotel business for at least 60 days a year.
Over the past few years, the 134-key hotel has been running on weekends at 70 per cent occupancy to full house. On weekdays, it has been running at an average occupancy of 20 per cent during low season, and 80 per cent during high season.
Koravic said: “Our year-round average daily rate for the two-bedroom garden view duplex suites is 5,000 baht. For superior rooms, the rates start from 1,800 baht.”
Provided the Hua Hin lease project goes well, Koravic revealed that she was planning to build her third property in Phuket. Her second property, the 40-room Ma Du Zi hotel in Bangkok, is starting to see a rebound in business, after being affected by last year’s political crisis in the country.
By Sirima Eamtako