Stay with Nimman Chiang Mai, a hotel in Thailand, is on the market for US$18 million ($24.3 million). The 132-room hotel was built in 2017 and has a gross floor area of 86,912 sq ft. Facilities include a fitness centre, meeting room, spa and wellness centre, rooftop bar, café, and restaurant.

The property is near One Nimman Shopping Centre, Maya Shopping Centre, and renowned cafes like Ristr8to Original.

The existing owner-operator Hotel Culture (Chiangmai) Co., Ltd has appointed Colliers as the exclusive marketing agent for the sale of the property by expression of interest. The hotel will be sold with vacant possession.

Read also: Banyan Tree records $31.7 mil FY2023 earnings, declares 1.2 cents dividend

Junrong Teo, director of Colliers Hotels and Leisure, says the hotel comes with a Board of Investment Permit, enabling 100% foreign land ownership. According to Teo, several hotel operators have already expressed interest in the asset.

In 2023, Chiang Mai International Airport welcomed 7.8 million visitors, up from 4.35 million in 2022. According to figures from the Tourism Authority of Thailand, the number of international tourists arriving in Chiang Mai has almost quadrupled compared to 2020. International visitor arrivals are up 13.3% year over year for the months of January through February 2024.

The recent announcement of a mutual visa exemption between China and Thailand is anticipated to act as a catalyst, says Colliers' Teo, aiding the recovery of the Thai tourism market. Chiang Mai's major markets based on tourist arrivals are South Korea, Taiwan, Singapore, Vietnam, and Malaysia.