TO DISCUSS YOUR PROJECT OR LEARN MORE ABOUT OUR SERVICES:

  • This field is for validation purposes and should be left unchanged.

Singapore Group Acquires Evason Phuket Resort

Category: Hotels, Posted:28 Jun 2012 | 11:52 am

A subsidiary of Singapore firm L.C.Development has acquired the former Evason Phuket and Bon Island Resort for total consideration of THB1.4 billion.
The deal sees L.C. Development (Lum Chang) with it's fully owned subsidiary L.C. Hotels Pte. Ltd. transact all units in the Phuket Island Property Fund and The Evason Phuket Limited. A Thailand affiliate JTM (Thailand) of the group has been used as an operating entity.
A deal was struck on April 21st of this year which was subject to preconditions and obligations by the seller. Jones Lang LaSalle Hotels brokered the transaction.
L.C.Development has a significant stake in the Holiday Inn Resort Phuket. The group also developed and invested into the Crowne Plaza Changi Airport in Singapore together with institutional investor LaSalle Investment Management.
The later property was sold for S$299.5 million in early 2011. Overseas the group owns the Crowne Plaza London Kensington and Holiday Inn City Centre Guangzhou.
It's not clear yet what the new ownership will do with the site, but one key element of the purchase of the resort is the large 75 rai site, with a considerable amount of vacant land. While no announcement has been made, industry speculation based on a close relationship between the developer and hotel operator IHG would point to the later ultimately being a potential brand partner.
Another Singapore group co-owns a large site adjacent to the site, which had been pegged for a luxury Four Seasons resort. HPL along with Lehman's had intended to promote the property but post financial crises and the latter groups collapse has put the project on the backburner.
Long term it's believed the prime oceanfront site will be built into an upscale resort. This and the Evason redevelopment will be considerable game changers for the Rawai hospitality sector.
This year continues to see Jones Lang LaSalle Hotels active in Phuket spurring hospitality asset sales, with a highlight being the USD90.2 million trade of the Moevenpick Resort Karon Beach by Kingdom Hotel Investments to Malaysia's TA Global Bhd.

Other News

Read more

UWC Phuket Enters International School Property Market

Category: Real estate, Posted:20 Sep 2022 | 08:46 am One of Phuket’s leading international schools UWC has entered into a development deal for integrated living. The school has subdivided a portion of its land adjacent to the campus and will have properties built by a Phuket real estate group TYSSEN VIP Development. Branded as the Campus Villas, the 44-unit gated estate offers four types […]
Read more

Noku Hotels Open Fourth Hotel, This Time It’s Phuket

Category: Hotels, Posted:10 Sep 2022 | 21:07 pm Boutique hotel group Noku has opened its fourth property, with Phuket as its latest destination. The Noku Phuket features 91 villas and lofts, overlooking Chalong Bay. Its sustainable design has earned it a Green Mark Gold Award. The group also operates properties in Maldives, Kyoto, and Osaka. Noku Hotels was founded by  Chris Teo of […]
Read more

Radisson Re-Enters Phuket Hotel Market

Category: Hotels|Real estate, Posted:10 Sep 2022 | 13:49 pm Global brand Radisson has returned to Phuket with a 179-key property in Kamala, owned by the Destination Group. The Radisson Resort and Suites Phuket is a conversion of the former Swissotel, which had been managed by ACCOR. It is an all-suite property with one, two and three bedroom units. Nearby the hotel, the large-scale tourism […]
SiaJai logo

Thailand's Leading Homecare Marketplace