ONYX and LH Bank Ink THB 2.8B Deal for Luxury ‘EQ Phuket’

ONYX Hospitality Group, a premier force in the Asia-Pacific hospitality sector, has solidified a major financial partnership with LH Bank to propel the development of “EQ Phuket.” This strategic agreement marks a definitive step in bringing the award-winning EQ boutique luxury brand to Thailand, backed by a total investment value of approximately THB 2.8 billion.

The signing ceremony, held on May 7 at Oriental Residence Bangkok, brought together leaders from the development, management, and financial sectors to formalize the THB 1.8 billion loan facility.

Strategic Expansion into Luxury

The project is a cornerstone of ONYX’s aggressive strategy to dominate the upper-upscale and luxury resort markets. By partnering with the Equatorial Group, ONYX aims to leverage the global prestige of the EQ brand, which was recently ranked No. 22 in the Top 100 Hotels in the World by Travel + Leisure.

“EQ Phuket marks an important step in ONYX Hospitality Group’s strategy to expand its portfolio of luxury resorts,” said Mr. Yuthachai Charanachitta, CEO of ONYX Hospitality Group. “We see strong long-term potential in the Phuket market, and we are confident that this collaboration with strong partners in both development and finance will help drive the project towards successful completion... while creating long-term value for all stakeholders.”

A Landmark for Global Travelers

The EQ brand first gained international acclaim with its 2019 Kuala Lumpur opening. Bringing this aesthetic to Thailand represents a significant milestone for the brand's regional footprint.

“We are delighted to be working on this project, which brings our EQ brand to one of the world’s foremost tourist destinations,” said Mr. Donald Lim, CEO of Equatorial Group. “As a boutique brand, the combination of its elegance and chic aesthetics with exceptional warmth and hospitality was incredibly well-received... We are incredibly excited to be working with ONYX Hospitality Group to introduce our EQ brand to Thailand.”

Fueling Phuket’s Tourism Economy

The financial backing from LH Bank underscores a robust confidence in Phuket’s luxury recovery. Data reveals a surge in the island’s Average Daily Rate (ADR) to THB 5,241 and a diversifying visitor base from Russia, India, and China.

“The bank has extended the loan facility of Baht 1,800 million to support the development of the EQ Phuket project,” stated Mr. Shih Jiing-Fuh, President and CEO of LH Bank. “LH Bank believes Phuket continues to stand as one of the world’s premier tourist destinations. We are confident that the EQ Phuket project will further enhance the island’s tourism potential and strengthen Thailand’s competitiveness.”

Project Dimensions: EQ Phuket

Scheduled to open in Q2 2028, the resort will occupy 32 rai on the northern beachfront of Kata Beach. The development details include:

Accommodation: 170 keys, featuring 11 pool villas, 27 suites, and 132 guest rooms.

Facilities: All-day dining, a luxury spa, fitness center, and expansive banquet spaces.

Lifestyle Hub: A dedicated beachfront area featuring a premier Beach Club and a sports and lifestyle hub.

The partnership signals a new era for Kata Beach, positioning EQ Phuket as a private sanctuary for high-spending global travelers seeking premium, distinctive experiences.