PHUKET Dusit Thani Public Co. Ltd. has acquired a resort it operates in Phuket, the 226-key Dusit Thani Laguna Phuket.
Dusit purchased the 23-year-old resort from Laguna Resort and Hotels PLC for 2.62 billion baht (US$82 million). Jones Lang LaSalle Hotels brokered the transaction. Laguna Resort plans to invest proceeds from the sale into another unidentified resort project and to pay down debt.
Laguna Resort cites debt accumulated during the global financial crisis, combined with poor performance at the property in the wake of political turmoil in Thailand, as forcing the sale. “These unfortunate events in the last two years revealed the company’s vulnerability and confirmed concerns that it has too much exposure in Phuket and Thailand,” the company says in a statement. “As a result, the company has decided to accelerate its plans to reduce its investment portfolio in Phuket.”
Dusit Thani Laguna Phuket was the first built by visionary Singaporean developer KP Ho. It is located at Laguna Phuket, an integrated resort complex built on degraded tin mining land along Bangtao Bay in Cherng Talay.