Sri Panwa Going Property Fund Route
Phuket luxury resort Sri Panwa will be sold into a property fund according to documents filed yesterday with the Stock Exchange of Thailand (SET).
Assets include 38 hotel units and 7 serviced apartments which have been valued at THB1.9 billion.
Two guarantees will be placed within the property fund going forward which will be backed up by Charn Issara Development PLC.
It's understood the group has plans for a hotel property which is located in Hua Hin.
Property funds continue to be in favor by Thai developers despite the availability of REITS.
Other recent fund action has been undertaken by key hospitality players Erawan and Dusit.