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Record sales year to date boost hotel property investments in Phuket to new heights
25 July 2012 – Jones Lang LaSalle Hotels is predicting the island resort of Phuket to be one of Asia Pacific’s hotel investment hot spots in 2012, following record sales in the first half of the year. Investment in the hotel property sector in Phuket is expected to exceed THB10bn (US$315m) for the full year for first time ever in 2012.
Mike Batchelor, Managing Director of Investment Sales at Jones Lang LaSalle Hotels said: "Phuket has seen record investment in the first half of 2012 and the market looks on track to enter a renewed period of growth as savvy international investors strategically secure landmark properties in Asia's premier resort destination.”
Since the start of the year, Jones Lang LaSalle Hotels has advised on and managed the sale of three prominent properties in Phuket this year, including the acquisition of:
"With international passenger volumes surging 30% in 2011, the island’s international appeal remains strong. In fact, international visitors to Phuket exceeded domestic arrivals for the first time. This growth has been fuelled by excellent air links and the expansion of low cost carriers across the region,” Batchelor added.
Other factors driving growth to the region include a US$180m planned airport upgrade slated to commence later this year, which will double the existing capacity to 12.5m passengers per annum. In addition, political stability in Thailand since the 2011 elections has seen international confidence return to the region as evidenced in the spate of recent sales.
Further activity is expected in the second half of 2012 with Jones Lang LaSalle Hotels launching a five star asset on Phuket’s west coast this week, which is scheduled to open ahead of the peak season this year.