ORI Completes Staybridge Suites Bangkok Sale, Redeploys Capital
ORI has sold the Staybridge Suites Bangkok Sukhumvit hotel to the Sevatsamphop family investment group for over 550 million baht, the second major property sale this year as part of its asset cycling strategy.
ORI has closed the sale of Staybridge Suites Bangkok Sukhumvit to the Sevatsamphop family investment group, generating over 550 million baht in cash inflow as part of its asset management strategy. The sale reinforces ORI's Build–Operate–Exit–Reinvestment approach, which cycles assets to generate appropriate returns for shareholders and business partners while continuously expanding into new projects.
The 411-room Staybridge Suites Bangkok Sukhumvit opened in early 2023 as a premium residential-style hotel under the IHG Hotels & Resorts brand, located in central Sukhumvit 24. It is Thailand's second Staybridge Suites property and the second in Asia-Pacific, developed jointly with Japan's Nomura Real Estate Development. The property features over 5,000 square meters of retail space serving guests and the surrounding Sukhumvit community.
ORI President Pirapong Charunaik stated that the sale represents another key milestone in the company's hotel portfolio management, aligning with its long-term asset cycle strategy. ORI aims to develop quality hotels, achieve strong operational results, and transfer assets to long-term investors while continuously expanding into new projects to become a leader in recurring-revenue hospitality businesses.
In 2024, ORI has successfully completed two major hotel sales: ibis Phuket Kata in May and Staybridge Suites Bangkok Sukhumvit in July. The company currently operates seven hotels with 1,093 rooms valued at 3.9 billion baht, including Holiday Inn Suite Sri Racha, Holiday Inn Express Rayong, and ibis Hua Hin and Krabi. Additional projects are under development in Bangkok, Phuket, Chiang Mai, and Pattaya.
