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Prime Hotel with Garden Bar Close to Chiang Mai Centre - Freehold Listing No. 066-10-16-001
· Features: This central property is a fantastic opportunity for developing a business in Chiang Mai. The hotel is partly a beautifully appointed boutique hotel with 14 rooms (3 more can be renovated) along with a lovely garden bar and restaurant, and partly a 55 room student hostel along with 11 retail shops. The hotel is well-established with many regular clients. The garden bar and restaurant services both the hotel guests as well as patrons from the busy street. This is all a well-established and regarded business, but is seasonal in both rates charge and levels of occupancy. There are 14 rooms of various size with a further 3 rooms presently unused, but ready for renovation. The student hostel is a part of the same building, but not visible or accessible to hotel guests. These are almost all occupied as they are within walking distance is Rajhabat University. While room rates are cheaper than the hotel, this is not seasonal and provides consistent income through the year. Additionally are 13 retail shops along one side of the building, all presently rented and occupied. Over all this is a mature and well-established business in a high density area, close to Tanin Market, the main road and the superhighway. It is just a little to the North of the Old City, just off the arterial Chang Phrueak Rd. The real estate value is a sure and sound investment in a busy area close to all amenities. The two businesses hotel and garden bar, and student accommodation and retail shops rental are held by two separate companies and may be sold separately, but the owner would very much prefer to sell them together. The companies would be transferred to the buyers making the transfers easier. The asking price includes the business, land and all improvements.
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