Malaysia's Crystal Caliber buys Phuket resort for $90m
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Malaysian firm Crystal Caliber, a wholly owned subsidiary of Malaysia-based TA Global, has invested US$90.2 million (Bt2.7 billion) to buy Moevenpick Resort & Spa Karon Beach Phuket from Kingdom Hotel Investments.
The deal was confirmed yesterday by Jones Lang LaSalle Hotels, the real-estate agent for the seller.
The 338-key property includes resort features, 30 two-bedroom residences, eight food and beverage outlets, four swimming pools, more than 1,350 square metres of dedicated meeting space and a variety of recreational facilities.
Nihat Ercan, senior vice president of investment sales for Jones Lang LaSalle Hotels, said this transaction was a milestone achievement as it represents the largest single asset sale to have taken place in Thailand in recent years.
On the back of an international tender process, the sale generated not only strong domestic interest but also significant demand from across Asia, highlighting the strength of investor sentiment that exists for well-located, internationally branded assets in Phuket, he said.
Mike Batchelor, managing director of investment sales Asia, said the deal brought Jones Lang LaSalle Hotels’ total transacted hotel volume in Thailand over the past 24 months to more than Bt13.5 billion, comprising eight hotel sales. Five were in Phuket and one each in Bangkok, Samui and Phi Phi Island.
“The substantial volume of hotel transactions and continued pace of market activity are a testament to the strength of the continued demand that exists for opportunities in Phuket, arguably Asia’s most highly sought-after resort market, as well as in the wider Thai market,” Batchelor said.
“While availability of suitable product remains a challenge, we expect continued robust activity in the Thai hotel sector with demand increasingly driven by regional buyers.”
