Minor Hotel Group Acquires Phuket Resort
Thailand's Minor Hotel Group have acquired ownership of the 77 unit Bundarika Villas & Suites Resort at the northern end of Bangtao Beach in Phuket.
The property has been transacted on a 100% asset ownership basis, though the existing owner has retained a 5% shareholding in a second company entity.
Located in the Layan area the resort is situated on 23 rai, with an adjoining 32 rai land parcel of undeveloped property allowing for a significant expansion.
According to Minor the resort will see an extensive renovation undertaken and is spending THB1.1 billion on the acquisition and redevelopment. Once the upgrading is complete, it will be rebranded to the group's Anantara core brand by the end of the year.
Viewing the Bangtao area, a high level of trading activity is expected to take place this year in both the hospitality and residential sector. An affiliate of Japanese development company Kajima Overseas Asia are in the process of completing infrastructure for a 22 villa luxury estate located adjacent to Bundarika on a site of over 60 rai. It's expected that pricing points in the region of USD6 million will be marketing once the prime oceanfront properties are launched.
Meanwhile further transaction activity is expected a pair of resort development sites on Bangtao, which will go to tender shortly.