3:38 am - Wednesday September 28, 2016

Banyan Tree Holdings Ltd. sold its Dusit Laguna Phuket Hotel because of unstable Thai politics

Banyan Tree Holdings Ltd of Singapore through its subsidiary Laguna Phuket Resorts and Hotels PCL announced on its website (http://www.lagunaresorts.com/news/wp-content/uploads/lrh-im-for-the-sale-of-dtlp-_final_-to-set-eng.pdf), Dusit International has acquired the Dusit Thani Laguna Phuket for 2.6 billion baht by way of closed bid. Reuters reported that Banyan, the premium hotel and resort developer, will make a gain of around S$68.4 million (about 1,640 million baht) from the sale of Dusit Laguna Phuket. This amount of money would be used in loan payments and new project investments. The company’s president Ho Kwon Ping said that the company needed to adjust their plan to balance their properties in some countries and to increase their business in China. The company was going to invest in its new hotel projects in China instead of Thailand.

In the second quarter of this year, the company lost 9.2 million Singaporean dollars (about 220 million baht), mostly in Thailand. Now the company had 28 hotels around the world. Six of them were in Thailand. The company was raising the money for 1,000 million Yuans (about 5000 million baht) to invest in hotel projects in China. He said that the company would open 30 new hotels in 5 years and 20 of them would be in China.

Dusit International also announced its successful acquisition of Dusit Thani Laguna Phuket on its own website. Chief Executive Officer, Dusit International, Mr. Chanin Donavanik expressed their appreciation of the excellent partnership that they have had with the Banyan Tree Group and Laguna Resorts & Hotels.

“We firmly believe that this resort will continue to yield good return to the company for many years to come,” said Mr. Chanin Donavanik.

“This successful acquisition will put Dusit in an even stronger position in the market, as well as strengthen our existing portfolio of hotel assets as we continue to grow internationally. At the same time, we will continue to enhance our presence in Thailand, and will consider some of the high potential deals in the key strategic destinations in Thailand to expand our portfolio. As a matter of fact, the latest report from STR Global on the “Strong Recovery in Southeast Asia”, Phuket is identified with a RevPAR growth of 36.7% for the first half 2010 versus 2009, ranked second in Southeast Asia, which shows its phenomenal potential. Dusit Thani Laguna Phuket has shown growth in RevPAR over the last 12 months of 16.5% versus the market average of luxury and upscale properties in Phuket, which averaged just 9.8%,” added Mr. Donavanik, Dusit CEO.

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One Response to “Banyan Tree Holdings Ltd. sold its Dusit Laguna Phuket Hotel because of unstable Thai politics”

  1. cowser
    September 2, 2010 at 11:29 pm #

    How much does it cost to drive from KL to Phuket, Thailand? A group of us are planning to have a holiday in phuket island at the end of the year (round 29 december). We are considering our options of getting there. Right now, we are wondering how much would it cost for us to drive using our own vehicles from Kuala Lumpur to Phuket? Thank you!!!

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