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BREAKING NEWS Novotel Phuket Panwa Sold For THB 870 Million

Category: Hotels, Posted:27 Apr 2010 | 16:00 pm

One of the islands distressed hotel assets has transacted with the Novotel Phuket Beach Resort Panwa selling for THB 870 million. The per key sale equates to just over THB 4 million for the 216 room development, of which 77 are currently in operation and another 139 under construction (75% completion to date).
According to the notification to the SET (Stock Exchange of Thailand) Natural Park Public Company Limited who control the asset agreed to the sale to Ton Vassana Company Limited. Reportedly the book value as appraised last year was THB 747 million assuming full remaining construction completion hence a gain was made on the sale.
The expansion of the hotel had been delayed for some time after the insolvency of Lehman Brothers who were shareholders in a subsidiary.
Despite the financial downturn and political disturbances in the country, transactions within this year for hotel assets are expected to be higher than the past 2 years. Many market watchers are viewing the intended sale of the Baan Taling Ngam Hotel in Koh Samui with interest to gauge values.

Other News

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Cambodia Business Briefing – What Comes Next?

Category: Hotels|Real estate|Tourism, Posted:19 Oct 2021 | 08:13 am Hotels, tourism, and real estate are featured in next week’s virtual event – Cambodia Business Briefing. Organized by C9 Hotelworks and Delivering Asia Communications, the session will be on Tuesday 26th October, 3:00 pm Phnom Penh/Bangkok Time | 4:00 pm Singapore/Hong Kong. Cambodia remains one of Asia’s top-up and coming marketplaces. Pre-pandemic, its pace of […]
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PHIST 2021 – Sustainable Asia RE-defined Coming 28 October

Category: Hotels, Posted:11 Oct 2021 | 09:11 am The fourth annual Asian-based sustainability-focused learning event PHIST 2021 will take place in a dynamic virtual setting on 28th October. Organized in Phuket, Thailand with speakers from across the region. PHIST (Phuket Hotels for Islands Sustaining Tourism) has established itself as a leading forum in Asia for sustainable tourism, environmental education for hotels as well […]
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Lonely Planet. Ultimate Vacation Homes. More Phuket Meds

Category: Tourism, Posted:07 Oct 2021 | 21:02 pm It’s Friday and we have a trio of video insights for you. Listen to an intriguing talk with Joe Cummings who is behind the first Lonely Planet Thailand guidebooks. Hear seven short real estate talks on the latest trends. And then, how is Thanyapura looking to expand their medical footprint across Phuket. Right here. Right […]