Thai Hotel Group Erawan Selling Two Koh Samui Hotels
According to a filing with the Stock Exchange of Thailand (SET), the Erawan Hotel Group has executed agreements for the disposal of two hotel assets in Koh Samui.
The properties are the Renaissance Koh Samui Resort and Spa and Ibis Samui Bophut Hotel.
Noted in the SET filing is that the proceeds will be used to reinvest into the budget hotel segment and focus on domestic customers.
Details of the pricing disclosed in the public filing are the Renaissance at THB531 million and an Ibis at THB394 million.
Completion of the deal is expected to closed by 30th December 2021.
Erawan has been publicly bullish about their Hop Inn brand which is expanding quickly both in Thailand and the Philippines. They have voiced sentiment they expect the domestic market to outpace recovery versus the foreign sector and look to tap into a budget-oriented portfolio.