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Sixty-two keys, a full hotel licence already in hand, and a rooftop bar and social space above the Old City's north edge — an asset booking guests today, not waiting on paperwork.
From the rooftop bar the late-afternoon light fades while, four minutes' walk below, the North Gate khao soi stalls start firing up for the evening. What you are buying here is a business that already runs, on a quiet soi in a corner of Chiang Mai people genuinely choose to stay in.
Is this hotel already licensed and trading?
Licence and building-permit documents should still be verified independently during due diligence — we recommend confirming that the licensed room count matches the 62 keys on the ground.
What kind of return does a Chang Phueak hotel offer?
ADR, RevPAR and OpEx are withheld pending buyer qualification. Treat the 4.9% figure as a market benchmark, not an asset-specific yield.
Is it noisy, being this close to the night market?
Goen observes: "In 2026 the boutique-hotel buyers we meet screen for the hotel licence before they even look at the rooms. ISTY holding a full licence, while trading at around 1.85 million baht a key on a quiet soi four minutes from the North Gate, is the combination that keeps them at the table."
Before signing, establish whether the sale is a share transfer of the holding company or a straight asset transfer. A share transfer carries the company's existing liabilities and tax history with it, so budget for a forensic accounts review — it changes your true cost far more than the headline price does.
Advisory Box
| Factor | Detail |
|---|---|
| Listing Price | THB 115,000,000 — reduced from THB 130,000,000. Implies ~THB 38,300 per built sqm, mid-range in the market. Source: seller data sheet; per-sqm band from observed Chiang Mai hotel listings (approx. THB 28,000–134,000/sqm, 2026). |
| Investment Alpha | Chiang Mai commercial gross-yield benchmark ~4.9%; city occupancy ~70–75% in the Dec 2025 high season. Asset ADR / RevPAR / OpEx withheld pending buyer qualification.Source: Thai Hotels Association / market reports. Benchmark only — not an asset-specific yield. |
| Contextual Logistics | North Gate Night Market — 0.3 km, 4-min walk. Wat Lok Molee — 0.4 km, 5-min walk. Chiang Mai International Airport — 7 km, ~17-min drive. |
| Ownership Status | Held via a Thai company structure. Foreign buyers pay the standard 2% transfer fee; the 0.01% stimulus rate does not apply (residential, ≤ THB 7M, Thai nationals only). Transfer-fee/tax split to be agreed between parties. Verify with a Thai attorney: share-transfer vs asset-transfer route materially changes tax and inherited liability. |
| Zoning / Licence | Hotel Licence confirmed in good standing (verify in DD). Zoning colour / permissible FAR unverified — confirm before pricing any expansion upside. Source to verify: Thai Land Office (title), Ministry of Interior (hotel licence), municipal building-control office. |
Does the Chang Phueak area flood?
The Ping River and the moat are the usual flood talking points in Chiang Mai, and Chang Phueak sits on the north side, away from the river's worst overflow. We still advise checking the specific soi's drainage and any past flood marks on a site visit before committing.
Is a hotel here a sound investment in 2026?
Chiang Mai tourism recovered to about 95% of its pre-pandemic peak by end-2024, led by returning European travellers. An already-trading, licensed asset lets a buyer step into that recovery without the two-to-three-year lag of building and licensing from scratch.
Can a foreigner own this hotel?
The asset is held in a Thai company structure, the usual route foreign investors use for hotel and commercial property in Thailand. We recommend a Thai attorney review the company's shareholding and the share-versus-asset transfer route before you commit.
How far is the airport and the Old City?
Chiang Mai International Airport is about 7 km, roughly 17 minutes by car. The Old City wall and North Gate are a few minutes on foot, so guests arrive quickly and then explore without a vehicle.
A rare thing to buy rather than build
A fully licensed 62-key hotel that is already trading is a rare thing to buy rather than build in Chiang Mai. For an owner-operator or family office wanting a turnkey foothold in the north's most-visited city, this is a business you can run from the first week, not the first year.
Contact Goen at Chiangmai Properties today to arrange a qualified viewing and a review of the trading documents.
We are real estate professionals sharing local market observations based on our experience in Chiang Mai. This is not legal or financial advice. Consult Thai Land Office, licensed attorney, or financial advisor for title deed, tax, and investment suitability.
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