Laguna Beach Resort Phuket sold to Singapore equity fund

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 24, 2011 -- Phuket, Thailand: Singapore based Laguna Hotels & Resorts PLC (LHR) has announced the sale of its Laguna Beach Resort in Phuket, to Real Estate Capital Asia Partners (RECAP).

The resort is currently jointly owned by Laguna Hotels & Resorts and RHI Group; both have agreed to sell their stakes in the luxury complex.

Located in LHR’s flagship Laguna Phuket complex in Thailand, Laguna Beach Resort is situated between a tropical lagoon and the Andaman Sea.

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Laguna Beach Resort Phuket sold to Singapore equity fund

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The family resort includes; Angsana Spa, meeting and conference rooms, a wedding chapel, tennis courts, a fitness centre and a water park.

The two hundred and fifty two room luxury beach resort, which opened in 1992, was the second hotel to be opened at Laguna Phuket. Since then, a further seven hotels and villa complexes have been built at Laguna Phuket.

LHR’s board of directors agreed to sell their sixty percent share in the resort for a reported 723,565,000 Baht (US$ 23.6 million). Completion of the deal is expected in May this year.

The sale of Laguna Beach Resort comes only six months after LHR sold anther of their hotels, the Dusit Thani Laguna, Phuket, to Dusit Thani PLC for a reported 2.62 billion Baht (US$ 85.5 million).

This latest transaction underlines LHR’s strategy of reducing its interests in Thailand to focus on new opportunities throughout Asia. These opportunities include the ambitious Laguna Hue Resort in Vietnam; a two hundred and eighty hectare beachfront site which will offer over two thousand rooms spread across seven internationally branded hotels and resorts.

''These recent developments all reflect our commitment to developing our business in Phuket [Thailand] and elsewhere in the [South East Asia] region, without compromising our renowned levels of customer service,'' commented Michael Ayling, managing director of Laguna Resorts & Hotels PLC.

The new owners, RECAP, are a privately owned Singapore equity fund headed by chairman Suchad Chiaranussati. RECAP already have a strong presence in the Thailand real estate market and purchased the Jungceylon shopping, retail and hotel complex in Patong, Phuket in 2006. They also own the luxury, four-tower Millennium Residence project in Bangkok and have investments in China, Japan, Korea, Singapore and Hong Kong.

Laguna Hotels and Resorts will continue to own and operate the Banyan Tree Phuket, Sheraton Grande Laguna, Phuket and the Laguna Holiday Club.

More on Phuket news... http://blog.phuketoceanvillas.com/laguna-beach-resort-phuket-sold-to-singapore-equity-fund/

Rebecca Smith
Phuket Ocean Villas - http://www.phuketoceanvillas.com

More information can be found online at http://www.phuketoceanvillas.com

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