The Iconic Lifestyle Hotel

The Iconic Lifestyle Hotel

Hotel Culture (Chiangmai) Co., Ltd has entrusted Colliers’ team of hospitality experts with overseeing the divestiture of the iconic lifestyle hotel Stay with Nimman Chiang Mai through an Expression of Interest process.

 

Nestled at the heart of the city, the hotel offers a unique acquisition opportunity for prospective investors. Boasting a robust seven-year operational track record, its prime location ensures easy access to popular destinations such as One Nimman Shopping Centre, Maya Shopping Centre and renowned cafes like Ristr8to Original.

 

Constructed in late 2017, the hotel has a gross floor area of 8,074.36-sqm, encompassing 132 guest rooms. Additionally, it features 740.45-sqm of additional revenue-generating space, including a fitness centre, meeting room, spa & wellness centre, rooftop bar, café and restaurant. The property is currently owner operated and is available with vacant possession. Underutilised spaces present significant revenue enhancement potential to the existing operations.

 

Investors have a rare opportunity to transform this prime asset into a destination, either through a repositioning exercise and/or securing an operator to elevate the hotel the next level, several of whom have already expressed a desire to manage.

 

Stay with Nimman offers a sought-after freehold asset with a Board of Investment Permit, enabling 100% foreign land ownership. This further enhances the appeal of this opportunity, making it an exceptional investment prospect in the vibrant landscape of Chiang Mai’s evolving hospitality sector.

 

The number of international tourists arriving in Chiang Mai has increased almost fourfold compared to 2020, as reported by the Tourism Authority of Thailand. In 2023, Chiang Mai International Airport welcomed a total of 7.8 million visitors up from 4.35 million in 2022. This robust recovery has continued into 2024, with arrivals up 13.3% year-on-year Jan through February 2024.

 

The recent announcement of a mutual visa exemption between China and Thailand is anticipated to act as a catalyst, aiding the recovery of the Thai tourism market. Additionally, key markets such as South Korea, Taiwan, Singapore, Vietnam and Malaysia have shown a strong interest in visiting Chiang Mai, further bolstering its appeal as a thriving experiential destination.

 

Junrong Teo, Director of Colliers Hotels & Leisure, said, “Stay with Nimman Chiang Mai is perfect for an owner operator or investor who have aspirations to own a dynamic hotel in this evolving market. The property presents numerous value-add opportunities; the freehold and BOI status will be of great appeal.”

 

The property is for sale via Expression of Interest process with further details to be shared at a later stage.

 

For more information, call +65 (0)9691 – 3401 or email: junrong.teo@colliers.com.

 

 

Source: Colliers.

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