Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

mannanman · Post by **mannanman** » Fri Jan 28, 2022 6:05 pm

Chroy Changvar is like the ginger stepchild of PP sangkats.

Post by **Clutch Cargo** » Fri Jan 28, 2022 6:24 pm

John Bingham wrote: ↑Fri Jan 28, 2022 5:37 pm
Jerry Atrick wrote: ↑Fri Jan 28, 2022 4:52 pm
violet wrote: ↑Fri Jan 28, 2022 4:27 pm Those who know - is that reasonable or is he dreaming?
Not a real estate guy, thankfully, but $1500,000,000 for some land with a substandard white elephant of a hotel sitting on top seems a touch high to me
Sure, it's a ridiculous price. The only time that hotel was ever busy was when people were forced to quarantine there. I suppose they need money to build more white elephants on Bokor.

Yes, and that hardly makes it a premium place..despite the strategic location at the junction of the 2 rivers. Besides, it takes too long to go to Nagaworld either via the ferry or Japanese bridge

So being commandeered for quarantine duties doesn't bode well for saleability purposes. Remember the Great Duke Hotel? The one that wasn't very viable and didn't pay their staff for months.. It met the same fate of being turned into a quarantine centre.

Post by **Username Taken** » Fri Jan 28, 2022 6:29 pm

Does it have a fish bowl? If it doesn't it should if it wants to be viable.

Jerry Atrick · Post by **Jerry Atrick** » Fri Jan 28, 2022 6:31 pm

Clutch Cargo wrote: ↑Fri Jan 28, 2022 6:24 pm
John Bingham wrote: ↑Fri Jan 28, 2022 5:37 pm
Jerry Atrick wrote: ↑Fri Jan 28, 2022 4:52 pm
violet wrote: ↑Fri Jan 28, 2022 4:27 pm Those who know - is that reasonable or is he dreaming?
Not a real estate guy, thankfully, but $1500,000,000 for some land with a substandard white elephant of a hotel sitting on top seems a touch high to me
Sure, it's a ridiculous price. The only time that hotel was ever busy was when people were forced to quarantine there. I suppose they need money to build more white elephants on Bokor.

So being commandeered for quarantine duties doesn't bode well for saleability purposes. Remember the Great Duke Hotel? The one that wasn't very viable and didn't pay their staff for months.. It met the same fate of being turned into a quarantine centre.

To be fair, the great Duke (or the intercontinental hotel, as it was better known as), had already been shut down after 23 years of operation in December of 2019 before being pressed back into commission in April (I think) 2020 as a quarantine location, so hardly the same situation

Post by **Clutch Cargo** » Fri Jan 28, 2022 6:50 pm

Jerry Atrick wrote: ↑Fri Jan 28, 2022 6:31 pm
Clutch Cargo wrote: ↑Fri Jan 28, 2022 6:24 pm
John Bingham wrote: ↑Fri Jan 28, 2022 5:37 pm
Jerry Atrick wrote: ↑Fri Jan 28, 2022 4:52 pm
violet wrote: ↑Fri Jan 28, 2022 4:27 pm Those who know - is that reasonable or is he dreaming?
Not a real estate guy, thankfully, but $1500,000,000 for some land with a substandard white elephant of a hotel sitting on top seems a touch high to me
Sure, it's a ridiculous price. The only time that hotel was ever busy was when people were forced to quarantine there. I suppose they need money to build more white elephants on Bokor.

So being commandeered for quarantine duties doesn't bode well for saleability purposes. Remember the Great Duke Hotel? The one that wasn't very viable and didn't pay their staff for months.. It met the same fate of being turned into a quarantine centre.
To be fair, the great Duke (or the intercontinental hotel, as it was better known as), had already been shut down after 23 years of operation in December of 2019 before being pressed back into commission in April (I think) 2020 as a quarantine location, so hardly the same situation

Both were underutilised and/or less than viable pre Covid. I mean you didn't see the Himawari or Cambodiana commissioned the same way. I suspect the Sokha desperately needed (or put their hand up for) the quarantine money to stay open.

Doc67 · Post by **Doc67** » Fri Jan 28, 2022 6:54 pm

hanno wrote: ↑Fri Jan 28, 2022 5:01 pm I do not pretend to know how real estate works but I learned long time ago that in order to establish hotel room rates, you divide the investment per room by 1,000. Assuming an occupancy of 70% (unlikely), the average room rate would have to be $2,868 per night and room. More than a touch high.

I wonder how much his outstanding debt is on the place and whether his lenders know that formula? Buy those maths the hotel is about $150m plus the additional land value.

It sounds like a vanity listing to impress his mates.

truffledog · Post by **truffledog** » Fri Jan 28, 2022 7:09 pm

Pretending a value of 1.5bn it may be easier to get some credit/loans for going concern.

John Bingham · Post by **John Bingham** » Fri Jan 28, 2022 7:11 pm

Any idea how much land we are talking about?

CEOCambodiaNews · Post by **CEOCambodiaNews** » Fri Jan 28, 2022 7:17 pm

From the government-friendly Fresh News:

Cambodia’s Tycoon Sok Kong Announces to Sell Sokha Hotel Phnom Penh for $1.5B
28/01/22 19:01
Phnom Penh (FN), Jan. 28 – Oknha Sok Kong, the founder of Sokimex, announced to sell Sokha Hotel Phnom Penh and surrounding areas in Chroy Changvar for USD1.5 billion and allocated that money to further develop Bokor’s Thansur Sokha Hotel and pay off debts.

Oknha Sok Kong spoke in an exclusive interview with Fresh News CEO Lim Chea Vutha on Friday.
“Nobody has yet contacted for any deal yet. They ask for the price. In this regard, I would sell them for USD1.5 billion and used that money to further develop Thansur Sokha Hotel and pay off debts,” the tycoon said.

On 25 January 2022, Sok Kong announced to build a road connecting National Road 4 to Bokor Mountain with a length of about 27 kilometers.
=FRESH NEWS

Yobbo · Post by **Yobbo** » Fri Jan 28, 2022 7:27 pm

CEOCambodiaNews wrote: ↑Fri Jan 28, 2022 3:46 pm 6 mins ago - BREAKING NEWS
For sale: Phnom Penh’s iconic Sokha Hotel – price-tag $1.5 billion

No, just in the past, someone asked me if I want to sell, how much? I said that if I sell, I will sell for 1.5 billion dollars, and if I can sell, I will use some money to further develop the Bokor resort because I need to develop other areas and some to pay off their debts .”

Sounds like a fishing lure for a bite on Bokor!

Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

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Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

Re: Phnom Penh's Famous Sokha Hotel For Sale - Only $1.5b

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