Malaysian Group Purchasing Moevenpick Resort Phuket

Contracts have been exchanged for the purchase of the Moevenpick Resort Karon Beach Phuket by Kingdom Hotel Investments and an affiliate of Malaysian Group TA Global Berhad.
According to a notice to the Stock Exchange the purchase price for the 338 key property is USD90,208,000 or approximately USD267,000 per key.
TA Global is an affiliate of Malaysian based Financial Services Group TA Enterprises.
Over the past four years the group has embarked on a hotel acquisition strategy which includes the Swissotel Merchant Court Singapore, Westin Melbourne, Radisson Blue Sydney, Aava Whister and Swissotel Kunchan China.
The sale will certainly bring a sigh of relief for Moevenpick as the operator, as an option of the transaction had been vacant possession.
Leading hotel advisory Jones Lang LaSalle Hotels acted as the broker in the deal.