Thailand’s resort island of Phuket is expected to see record hotel investments in 2012, with the value of deals hitting THB10 billion (US$315m) for the first time.
According to a new report from Jones Lang LaSalle (JLL) Hotels, the island has already seen the acquisition of three major hotels this year – the 368-room Movenpick Resort & Spa by Malaysian-based TA Global in April, the 260-room Evason Phuket & Bon Island at Rawai by Singaporean-based Lum Chang in May, and the 254-room Laguna Beach Resort by Hawaiian-based Outrigger Hotels & Resorts in July.
“Phuket has seen record investment in the first half of 2012 and the market looks on track to enter a renewed period of growth as savvy international investors strategically secure landmark properties in Asia’s premier resort destination,” said Mike Batchelor, Managing Director of Investment Sales at JLL Hotels.
JLL Hotels also revealed that further activity is expected in the second half of 2012 with the launch of a new five-star asset on Phuket’s west coast this week, which is scheduled to open ahead of the peak season this year.