For sale 8 Beds serviced apartment in Mueang Chiang Mai, Chiang Mai

Serviced Apartment/Small Hotel Business For Sale. (Chiang Mai - Thapae Road)

Code : JOY1260

This business is company owned and can be sold freehold or with the company.

The business is operated as a small hotel and rooms are let on a daily basis

Depending on demand and time of year apartments are let between 1400 and 3000 baht/night

There are 6 apartments in one building on 100 square wah of land
4 One bedroom apartment
2 Two bedroom apartments

Active listings are already in place with all the top OTA’s (Airbnb, booking.com, Agoda Expedia Traveloka etc….)

We are graded as a “Superhost” on Airbnb and have excellent customer ratings on other OTA channels

We currently do no paid marketing for this property but still have excellent occupancy due to OTA bookings. All OTA listings will remain in place with the sale.

We had near 100% occupancy during the Covid pandemic (monthly stays). As soon as the Thai government lifted travel restrictions we were achieving excellent occupancy on daily rates.

A further reason for the success of this business is the location. The apartment is situated on Thapae Road (Soi 3) in a quiet location just behind Kasikorn bank. It is within easy walking distance of the Night Bazaar and the Walking Street Markets and makes it a popular with visitors to the city who do not have their own transport and need to walk to the city’s attraction and markets.

Despite a lot of hotel completion in the area these are apartments are very popular due to the space and amenities they provide (full kitchen, separate living room, spacious balconies or private gardens)

This is a very easy business to operate. We currently have staff to check in customers but this is not necessary if you want to go over to the Airbnb type model and can offer self check in. This is actually the model we intended to switch over to if we hold on to the business. The apartments are very popular on Airbnb.

This is not in anyway a distressed business which needs to be sold. We have operated this business successfully for 16 years! It has been very resilient during the Covid pandemic period.

The property is being sold freehold or the land/property will be included with the company purchase and might be the best option for a foreign buyer who want to purchase this business.

For further information please send personal message. Asking price 23 million baht