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Bangkok l Old Customs House Redevelopment

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Aman Resorts to build ultra luxurious hotel in Bangkok

Natural Park group closes deal for six-star riverside hotel


Amid doubts over its finances, Natural Park Plc has closed a deal with the Treasury Department to develop a six-star hotel on a prime plot on the east bank of the Chao Phraya River, which now houses the 115-year-old Customs House.
The consortium of N-Park, Amanresorts Services and Silverlink Holdings Limited yesterday signed a 30-year agreement to develop and manage the boutique hotel on a five-rai plot on Charoen Krung Road for 30 years.

The group paid a total of 128.3 million baht in cash to the department, of which 125 million baht was a front-end fee and 3.3 million baht the first-year rent. It also placed a letter of guarantee worth 43.58 million baht as collateral. The department will receive a total of 1.47 billion baht from the concession.

Sermsin Samalapa, the president and chief executive of N-Park, said this was the first step to show that the consortium was seriously committed to the hotel development. The three parties helped contribute the guaranteed money.

``Many banks are showing interests to provide us a syndicated loan to finance the hotel development. We are in talks with them, negotiating for the best repayment terms and interest rates,'' he claimed.

However, the shareholding structure of the group has not been concluded yet.

Mr Sermsin said N-Park would decide whether it would sell an 18.75% stake in Finansa Plc to raise more funds over the next two weeks.

Treasury Department chief Wisudhi Srisuphan said he was not worried about N-Park's cash-flow problems. In the worst case, the department already had a lot of cash and collateral from the consortium.

The N-Park-Amanresorts consortium will spend 152.8 million baht to move and provide new accommodation for officials who now stay on the Treasury Department's land.

Called the Aman Resort Bangkok, the development will cost one billion baht including the preservation of three heritage buildings, construction of a four-storey hotel building and a five-storey back-office building, and new accommodation for officials.

The luxury hotel with only 33 rooms is expected to open around the end of 2007. Applying for permission from related government agencies will take about six months and construction two years.

The average room rate will be about $800 per night and the project will break even in 10 years. Revenues from hotel rooms are projected at 220 million baht in the first year and 260 million baht in the second year.
Greg Sirois, executive director of Amanresorts, said participating in the Aman Resort Bangkok project would complete the investment picture for the group.

``We can't miss Bangkok because it's one of the great leisure destinations. We believe we can bring our customers, who are jet-setters, Hollywood stars, sports icons or business billionaires, to try new experiences at Aman Resort Bangkok,'' he said.

N-Park shares closed yesterday on the Stock Exchange of Thailand at one baht, down seven satang, in trade worth 254 million baht.

Source: Bangkokpost : May 11, 2005
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wow! what a beautiful heritage building!! Im sure the Aman chain will fix it up VERY nicely and eleganty......we need to reserve more heritage buildings in Bangkok.....CHARM ATTACK :)
hope..hope..hope...this plan is not dead, just sleeping beauty :colgate: ....
Wow! I just read in newspaper Bangkok Post that Banyan Tree negotiating to buy majority control of AMAN luxury resorts!

Maybe that will turbo charge Aman!?
see 18th June 2012 article below:


government land owner is dumping N Park as a master 30 year lessee-developer (cause they havent done anything in 7 years!! :dizzy:)...

thinking about a possible deal with Beer Chang people to re-develop this wonderful heritage site....

(but I think Beer Chang people are currently concentrating on 3 way battle with Heineken and Kirin beers for control of Tiger beer...)
such a beautiful heritage building with LOTS of potential :eek:kay:
thanks napoleon for that!

I really hope the AMANHANA Bangkok comes into this magical area & historical building

Ninh Thuan Viet AMANOI
Luang Prabang Laos AMANTAKA

Bali Nusa Dua AMANUSA
Bali Manggis AMANGILA
Borabudur Indo AMANJIRO
Moyo Island Indo AMANWANA

Pamalian Island Phil AMANPULO

Hangzhou China AMANFAYUN


business partners Indian-American Omar Amanat and Russian billionaire Vladislav Doronin who together bought AMAN are now in nasty legal battles for control of AMAN

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