Kingdom sells resort in Phuket

A unit of TA Global Bhd, Petaling Jaya, Malaysia, is buying the Mövenpick Karon Beach Resort in Phuket, Thailand, for 276.94 million Malaysian ringgit (US$90.21 million) from Riyadh-based Kingdom Holding Co., which owns a two-thirds stake in Mövenpick Hotels and Resorts.

Currently, TA Global owns five hotels — two in Australia and one each in Canada, Singapore and China. It said the proposed acquisition will provide steady revenue stream and enhance the revenue contribution from its hospitality division.

The acquisition is expected to be completed by the second quarter of the financial year ending January 31, 2013. It will be funded by internally generated funds and loans.