Property Detail
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icons ING Funds (Thailand) Co.,Ltd. Fund Management Company
Amari Hotels and Resorts Co.,Ltd. Hotel Operator

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Map of Amari Boulevard Hotel

1. General Information and Location of the Amari Boulevard Hotel

The Amari Boulevard Hotel is a four-star hotel accredited by the Ministry of Tourism and Sports. It offers a total of 315 superior, deluxe and suite rooms, as well as amenities and services such as restaurants, fitness center, banquet rooms, laundry services, 24-hour business center with internet connection, and retail shops, etc.

The Amari Boulevard Hotel is located at No. 2, Soi 5, Sukhumvit Road (Lerdsin 1), North Klongtoey, Wattana, Bangkok. Sukhumvit Road is considered one of the major business roads in Bangkok with office buildings, shopping centers, restaurants, movie theaters, banks and numerous shops. Furthermore, it is complete with efficient utility and transportation systems, with easy access to the BTS light rail and underground train stations and the Sukhumvit Highway.

2. Building Type, Engineering System and Utility System

The Amari Boulevard Hotel comprises two connected buildings which are:

  1.     1. The Siam Wing, a 14-storey building; and
  2.     2. The Krungthep Wing, a 27-storey building with 178 parking spaces.

Situated on a land area of 2 Rai and 57.9 square Wah, the two buildings have a total of 315 rooms and an estimated usable area of 30,315 square meters. The construction of the hotel buildings was completed and the hotel was first opened for business in August 1989. The hotel underwent regular maintenance, repairs and renovation from 1998 to 2004.

The utility system of the hotel includes an emergency electricity generation system, an indoor fire prevention and sprinkler system, and seven elevators consisting of five passenger elevators and two freight elevators.

3. Hotel Management

At present, the Amari Boulevard Hotel is under the management of Amari Hotels and Resorts Co., Ltd. pursuant to the management agreement made by and between Quality Inn Co., Ltd., the owner of the property, and Siam Lodges Co., Ltd., which subsequently changed its name to Amari Hotels and Resorts Co., Ltd. (“Amari”). The agreement has engaged Amari to manage the hotel since 1989, and the latest agreement renewal period ends in 2011.

4. Occupancy Rates of the Amari Boulevard Hotel during the Past Five Years

The Amari Boulevard Hotel to be leased by the Fund has the average occupancy rate of 74.70 percent in the year 2006 and had the annual occupancy rates as follows:

2002 2003 2004 2005 2006
Room rental (Million Baht) 183 177 236 259 284
Average occupancy rate (%) 87.80 75.80 79.60 76.70 74.70
Average room rate, excluding value added tax (Baht/Room) 1,849 2,074 2,634 2,998 3,378
Average room rate, including value added tax (Baht/Room) 1,978 2,219 2,819 3,208 3,614

5. Strengths of the Amari Boulevard Hotel

The Amari Boulevard Hotel is situated in a center for businesses, entertainment venues and leading department stores in Bangkok. The hotel is serviced by efficient transportation and utility systems. Furthermore, the hotel is managed by Amari, an experienced authority in hotel management. As such, it is most likely that the quality and services of the hotel are of international standards. For the purpose of advertisement and public relations, Amari has included the hotel in the marketing activities of the Amari Group and in various advertisement media. The hotel, therefore, is well-known among and widely recognized by tourists, businessmen and interested people.

6. Details of the Amari Boulevard Hotel to Be Leased by the Fund

The Fund shall make an investment by leasing the land and the building thereon, namely the Amari Boulevard Hotel, which consist of a total of 18 plots of land (Title Deeds No. 10023, 10038, 191276-191283 and 192788-192795), having the total area of 2 Rai and 57.9 square Wah on which the Amari Boulevard Hotel and its buildings, as well as the utility system, water treatment system and other amenities, are located. The Fund shall lease such property for a period of 30 years, starting from the day when the Fund enters into an agreement with Quality Inn Co., Ltd., which is the owner of the land and the Amari Boulevard Hotel. In this regard, the Fund shall purchase assets, equipment and decoration materials which are installed and used in the Amari Boulevard Hotel Project from Quality Inn Co., Ltd., the owner.

The Amari Boulevard Hotel to be leased by the Fund has a net usable area of 30,315 square meters, detailed as follows:

Detail Number of Rooms Area
(square meters) 		Ratio to Total
Rental Space (%)
1. Room Area 315 10,516.00 34.69
    Superior Rooms 127 28.00  
    Deluxe Rooms 138 32.00  
    Deluxe Terrace Rooms 16 40.00  
    Deluxe Corner Rooms 20 49.00  
    Suites 14 66.00  
2. Common Area*   10,149.50 33.48
3. Parking Spaces   6,612.00 21.81
4. Machine rooms and other areas**   2,452.50 8.09
5. Outdoor Area   585.00 1.93
Total   30,315.00 100.00

Remarks
* Common area includes meeting rooms, banquet rooms, lobby, fitness center, swimming pool, retail shops and the back office.
** Machine rooms and other areas include rooms for air conditioners, boiler room, employees’ cafeteria and dressing room and rooftop water tank area, etc.

7. Investment Value

The rental price for the immovable property to be leased by the Fund is Baht 1,780,000,000. The price for the project’s furniture and fixtures to be purchased by the Fund is Baht 50,000,000 (value added tax included). The total price amounts to Baht 1,830,000,000.

Disclaimers

  1. An investment in investment units shall not be deemed a deposit of money. There are risks involved in making investments. Investors may receive return which is greater or less in value than that of their initial investment funds. Furthermore, since the Fund’s major gain depends upon property rental, investors are advised to study the property’s information, performance of the property’s management, the nature and conditions of property rental business, as well as all risk factors mentioned in the prospectus.
  2. A fund is a juristic person separate from its management company.Therefore, ING Funds (Thailand) Co., Ltd. is not bound to compensate for a loss sustained by the fund. The performance of the fund does not depened on the financial position or the performance of ING Funds (Thailand) Co., Ltd.
  3. The Fund invests in a leasehold right. The value of a leasehold right may decrease in relation to the remaining lease term which shortens as time passes. Consequently, the value of investment units of the Fund may decrease proportionally and could reach zero value at the end of the term of the leasehold right invested in by the Fund. In addition, the Fund does not reserve capital for repayment of investment funds to unitholders upon the termination of the Fund. Nonetheless, unitholders shall receive return on their investment by means of the Management Company repaying part or all of the investment funds to unitholders in the forms of dividend payment or a decrease in the Fund’s registered capital prior to the termination of the Fund.
  4. Past performance of the fund does not insist future performance.
  5. Investment in funds is subject to investment risks. Any potential investors should diligently study and peruse all information contained in the prospectus prior to their purchase of investment units and should also keep such information as future reference. Should the potential investors require any additional information, they may request the prospectus from the Management Company.
  6. The Company reserves the right to amend, modify or change any information on this website without advance notice.