Wyndham, Cissa Group tap into luxury premium property
investment market with “Wyndham Grand” hotel launch
Wyndham Hotels and Resorts joins force with Cissa Group to capture new opportunity in the property investment market through the debut of “Wyndham Grand”, luxury premium property brand, focusing on nationwide travel destination city. Starting with “Wyndham Grand Nai Harn Beach Phuket”, the hotel is the first in Nai Harn Beach Phuket and the second in Thailand under Wyndham Grand brand.
The cooperation will support Wyndham Group’s commitment to making Thailand a world class investment destination and growing business in Thailand where it sees high potential and enormous opportunity in the tourism industry considering abundant resources and the government’s continuous support.
Mr. Autthanop Pandkamnerd, President of Cissa Group, a leading investment property development company, said that although the overall property market growth slowed down, the property market in leading tourist destination, such as Phuket, remained prosperous. Demand remains high especially among foreign and Thai investors who are interested in property investment opportunity. Following this market demand, the number of investment property in Phuket has been increasing.
“Foreign and Thai investors’ demand for property in Phuket is key to boost purchasing power in the city. Low interest rate has encouraged investors to switch to investment property as they yield greater return on investment. In tourist cities, home and accommodation for rent is always in high demand. Therefore, investment property remains a high potential business,” he said.
See this trend going up, business operators in Phuket has increasingly developing investment property, leading to high competition. Cissa Group has therefore joined force with Wyndham Hotels and Resorts, the world’s leading hotel and resort chain with the largest number of hotel network, in developing projects to best address specific demand in the premium market. One of Cissa Group’s latest hotel located at Nai Harn Beach has already been upgraded to “Wyndham Nai Harn Beach Phuket)
Mr. Joon Aun Ooi, President and Managing Director of Wyndham Hotels and Resorts Southeast Asia and Pacific Rim, noted that tourism industry continued to be a key economic stimulating factor. Thailand, in particular, has an advantage over other countries due to its rich tourism resources, strategic location and continuous government support and tourism promotion measures.
Phuket is a major tourist city with high ratio of tourist from Europe. Wyndham Hotels and Resorts sees this as opportunity and thus seeks for a partner to jointly grow the business together. The company has decided to cooperate with Cissa Group, a highly experienced property developer with strong presence in Phuket for more than 15 years. Both will jointly develop projects under Wyndham Grand brand, targeting luxury premium market.
Wyndham Grand Nai Harn Beach Phuket will be upgraded to provide luxury atmosphere and premium services for enhanced experience. Both companies have worked together to design the market positioning of the hotel. In the next step, both companies will sign cooperation agreement to study the market and develop investment property projects under Wyndham Grand, a five-star-hotel premium hotel brand, to help forward Thailand as the world-class investment destination that attracts more tourists and investors.
Wyndham Grand Nai Harn Beach Phuket is an investment property developed by Cissa Group with cooperation from Wyndham Hotels and Resorts. Investment in this project guarantees 6% returns in the first two years. From the 3rd to 15th year, investors will receive dividend depending on the hotel’s operating performance. Investors will receive 100% income after expense.
It is expected that investors will enjoy an average of 10% return on investment per annum if the occupancy rate is no above 80% per year. The investors also have the right to own and hold the title deed of the invested unit. The investors will also enjoy the privilege to stay at the hotel for 30 days per year for free plus many more special offers.
Wyndham Grand Nai Harn Beach Phuket is located on Nai Harn Beach, one of Phuket’s most famous beaches. The 12 four-story buildings comprise two types of rooms, 40 sqm and 60 sqm., totaling 353 units. Out of these, four buildings will be fully operated as a hotel and the remaining eight will be sold as investment property. At present 80% of the project has already been sold. The hotel will be fully operating in the first quarter 2020.
