Connect with us


Saudi Prince inks B4.3bn resort deal

Legacy Phuket Gazette



Saudi Prince inks B4.3bn resort deal | Thaiger

PHANG NGA: Kingdom Hotel Investments (KHI), which is chaired by Saudi Arabia’s Prince Alwaleed Bin Talal Bin Abdul Aziz Al-Saud, has signed a deal to acquire land on which it proposes to build a US$115 million (about 4.3 billion baht) “Raffles Phang Nga Resort and Residences”, comprising 150 rooms and 25 luxury villas.

The deal was made through a joint-venture company that is 80% owned by KHI and 20% by European Hotels Corporation Ltd (EHC), KHI’s joint venture partner in the Four Seasons Hotel in Marrakech.

The acquisition is KHI’s second in Thailand this year. In May, the Crowne Plaza Karon Beach Phuket resort was bought by KHI for US$98.5 million (3.7 billion baht), including US$30.5 million (1.1 billion baht) in debt.

Tim Hansing, Senior Vice President for Development, Kingdom Hotel Investments (KHI), told the Gazette, “The deal is definitely still going through. We signed the deal on the evening of the coup. We heard about it, and we took the decision to also announce it [the deal] the very next day, in line with our policy.

“We are very confident that the [government] transition process will be smooth. The tourism offer in Thailand has not changed. It still has wonderful beaches, wonderful people.

“We’ve invested into a 100-million-dollar project in the Movenpick Karon Beach Hotel earlier this year, and we are very confident about this project in Phang Nga, the Raffles Resort.

“We’re an emerging markets company. Our eyes are open. We have full confidence that tourism will continue to grow in Thailand.”

The Raffles Phang Nga Resort and Residences is proposed to start operations in 2009 on some 240,000 square meters (150 rai) of land, approximately a 35-minutes drive north of Phuket International Airport.

The project is expected to boast an 80,000sqm freshwater lake and 400 meters of beachfront.

Residential villas will be offered for sale during the development period on a long-term leasehold basis. The sales proceeds will be used to partly finance the development, of which KHI states it expects to invest US$12 million for an 80% ownership stake.

KHI will seek debt financing to fund approximately 50% of the total project.


Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram


Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

Follow Thaiger by email:

Thailand2 mins ago

5 provinces may delay reopening until November, Chiang Mai cautious

World3 mins ago

Amnesty says vaccine makers putting profits before lives amid global inequity

Economy32 mins ago

Industry body says Thai government must borrow another 1 trillion baht

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Coronavirus (Covid-19)41 mins ago

Wednesday Covid Update: 141 deaths and 11,252 new cases

News49 mins ago

FDA passes on using Sinopharm vaccine for children over 3 years old

Pattaya54 mins ago

October Pattaya reopening on schedule according to mayor

Join the conversation on the Thaiger Talk forums today!
Coronavirus (Covid-19)1 hour ago

Communicable disease law may be amended to replace emergency decree

Tourism2 hours ago

Travel data to Thailand for 106 million people unprotected online

Thailand16 hours ago

Thailand News Today | OnlyFans content creators arrested on pornography charges | September 21

Thailand17 hours ago

Soldier allegedly assaults neighbours following horn honking

Thailand19 hours ago

Border agencies instructed to look out for gun smuggling along Myanmar border

Coronavirus (Covid-19)19 hours ago

Tuesday Covid Update: 10,919 new cases; provincial totals

Thailand19 hours ago

Officials clarify Korat police van stopped at the beach after collecting murder suspect

Crime20 hours ago

OnlyFans content creators arrested by Thai police on pornography charges

Thailand20 hours ago

Comments Galore! feat. Golf | Thaiger Bites | September 21

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14 | Thaiger
Thailand1 week ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand7 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism7 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket7 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism7 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand7 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism7 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand8 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand8 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand8 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand8 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand8 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand8 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand8 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand8 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11