An old five-star Swissotel Nai Lert Park Hotel will cease operation at the end of this year after the hotel was sold to Bangkok Dusit Medical Services for Bt10.8 billion.
The BDMS Wednesday informed the Stock Exchange of Thailand that its shareholders had approved the purchase of the hotel and its land for Bt10.8 billion.
Also on Wednesday Naphaporn Bodiratnangkura, managing director of Nai Lert Park Hotel, issued a letter to inform the hotel’s staffs that the hotel would operate until the end of the year. The staffs would receive compensations in accordance with the labour laws plus bonus, the letter stated.
The hotel has been operating for 36 years and is well-known among both Thais and foreign tourists.
Once the transfer of the NaiLert Park project's land and building worth Bt10.8 billion is accepted, BDMS will put an extra budget of Bt2 billion to develop it into the holistic service medical center BDMS Wellness Clinic.
This will result into a total transaction value of Bt12.8 billion.
The land in the project area is located on Wireless Road, covering the total area of 15 rail of land, and it features a six-floor hotel (40,300 sqm of space) and a twelve-floor Promenade Office Building (31,000 sqm of space). There is also a one-floor building used for staff cafeteria with the area of around 400 sqm.
BDMS expects to expand its operations and capture the business opportunities created by increasing demand in preventive medicine, longevity and anti-aging areas.
"BDMS Wellness Clinic will be the first of its kind in Asia. We believe that it will help enhance our reputation and brand recognition globally," said the company's filing to the Stock Exchange of Thailand.
The company said the sources of fund would be from its cash flow, loan banks, and/or issuance of debentures or bonds.