Kamala Bay Terrace Hotel Sold
The 202-room Kamala Bay Terrace Hotel has been sold to an affiliate of Thailand's KS Group for an undisclosed sum.
A subsequent announcement has been made by the new ownership that a management agreement has been signed with Hyatt International and the property will be flagged as the Hyatt Regency Phuket Resort.
An opening date is expected for late 2013 for the resort.
KS is the owner of two other Hyatt's in the Maldives and Siem Reap, and owns independent hotels in Luang Prabang and Cha Am. It is also an investor in the upcoming The Yamu by Como in Phuket.
It's understood that Jones Lang LaSalle Hotels acted in the transaction.