(UPDATE! An option to rent the building has now been proposed by the owner. A five year lease contract is offered, with monthly rent of 45,000 baht and key money of 1,500,000 baht, or a 10 year contract can be secured without key money, if the monthly rent of 45,833 baht were to be paid in advance, a total of 5,500,000 baht). Health problems have forced the owner of this two year old Pattaya Guesthouse to listen to offers. There are 18 air-conditioned rooms with TV's, and the guesthouse also features a massage service and beauty parlour. This is a freehold offering, with a Chanote land title deed. The building has been valued at 7,500,000 baht, and the 37 square wah (148 square metres) of land that is sits on is worth 925,000 baht. The business has not been managed very well up until now, due to the poor health and inexperience of the owner. Annual receipts of 530,000 baht yielded 252,000 baht in net profits in the last financial year. The owner also had a lack of funds, due to a mortgage on the property, and this hindered the business from day one. For example, only two full time employees are on the payroll, which totals 13,000 baht per month, meaning that the massage and beauty areas of the business have been neglected. The guesthouse sits on Sukhumvit Road, close to restaurants, an entertainment complex, a shopping plaza and numerous shops.

Posted Jan 26, 2011

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