Twinpalms Looking For Strategic Partners
This just in from the industry newline mergermarket "Twinpalms Phuket Resort, a privately-held Thai hotel operator, is studying to bring in strategic partners to support its expansion plans, according to owner Carl Langenskiold. He is the majority shareholder who owns 60% of the company, which was founded in 2002.
The company has hired advisory firm Dherakupt to review and optimize its structure and may need to appoint advisors when a deal materialises, Langenskiold said. It is using Limcharoen Hughes & Glanville for legal matters.
Twinpalms has been approached by a Thailand-headquartered property consulting firm, he said. However, Twinpalms has put the proposal on hold as it is studying the benefits from the tie up.
Potential partners could be real estate companies or funds which are interested in Twinpalms' properties and operations, Langenskiold said. Options include investing in the company, its properties or setting up a joint venture. The company has no preference at this stage, he said, adding it is expected to finalize the partnership plan by next year.
Twinpalms is looking to have a presence in Koh Samui in Thailand within two years and also studying the potential of other cities and countries such as China's Hainan, Indonesia's Bali, the Philippines, India and Vietnam, Langenskiold said.
To enter new markets, the hotel operator is not interested in acquisitions as buying an existing hotel would make it difficult for Twinpalms to build its own style, Langenskiold said. But the company would be interested in partnerships.
The company, which is in the five-star hotel market, is thinking about entering the four-star market for a second brand, he said. Twinpalms intends to retain its beach resort style and has no plans to develop business hotels.
Its resort, with 97 rooms in Surin Beach, is valued between THB 1.5bn and THB 2bn (USD 66.5m), according to Langenskiold."