Dusit Group formally announces Phuket resort acquisition

PHUKET: Dusit International CEO Chanin Donavanik has issued the following statement regarding the group’s recent acquisition of the Dusit Thani Laguna Phuket resort:

“Dusit International announces the acquisition of one of its most successful properties which it has managed for the past 23 years, and one of the best performing hotels in Phuket, Dusit Thani Laguna Phuket, previously owned by Laguna Resorts & Hotels Public Limited Company, part of the Banyan Tree Group.

“We are delighted to announce this exciting news after a rigorous and intensive bidding process amongst a strong field of competitive bidders. Dusit Thani Laguna Phuket has been one of our best managed hotels for over two decades, and has never dropped its performance, even despite the many challenges over this period. We know the property’s strengths passionately and have always held a firm belief in the potential of the destination, as well as the hotel’s dedicated team in ensuring we deliver a great experience and maintain a valuable asset. We truly appreciate the excellent partnership that we have had with the Banyan Tree Group and Laguna Resorts & Hotels, it is combined with this long standing relationship and Brand Destination Phuket’s continued growth curve, that we firmly believe that this resort will continue to yield good return to the company for many years to come,” said Mr. Chanin.

“This successful acquisition will put Dusit in an even stronger position in the market, as well as strengthening our existing portfolio of hotel assets as we continue to grow internationally. At the same time, we will continue to enhance our presence in Thailand, and will consider some of the high potential deals in the key strategic destinations in Thailand to expand our portfolio. As a matter of fact, the latest report from STR Global on the ‘Strong Recovery in Southeast Asia’,” Phuket is identified with a RevPAR growth of 36.7% for the first half 2010 versus 2009, ranked second in Southeast Asia, which shows its phenomenal potential. Dusit Thani Laguna Phuket has shown growth in RevPAR over the last 12 months of 16.5% versus the market average of luxury and upscale properties in Phuket, which averaged just 9.8%,” added Mr. Chanin.

The resort comprises 226 rooms and suites, six Pool Villas, and 22 Laguna Pool Villas and facilities for Meetings, Incentives, Conventions and Exhibitions, or ‘MICE’.

The resort has yet to announce whether the acquisition will result in any changes in day-to-day operations, management, staffing or future development goals.

For the initial report on the sale of the Dusit Thani Laguna Phuket property, click here.

— Stephen Michael Fein