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13/08/2010 - Dusit Thani Laguna Phuket sold for 2.62 billion Baht  13/08/2010 - Dusit Thani Laguna Phuket sold for 2.62 billion Baht

Laguna Resort and Hotels Plc., have announced the sale of Dusit Thani Laguna Phuket for 2.62 billion Baht to Dusit Thani Public Company Limited.

Laguna Resort and Hotels Plc., said in their ‘Information Memorandum’ that the sale came about because the company are concerned about too much exposure in Thailand.

The 226 room luxury hotel was the first hotel to be built by K.P. Ho,  chairman of Banyan Tree Hotels and Resorts, at Laguna Phuket in 1987.    A total of twenty eight pool villas next to the resort are also managed by the chain.

The proceeds of the sale will be used to pay off debts and dividends, although it is believed part of the funds will be used for the new Laguna Hue resort in Vietnam.

The management agreement between Laguna Resort and Hotels Plc., and the Dusit chain was due to expire within two years.

The sale is the third high profile hospitality asset to be sold in Thailand this year.  Others were Baan Taling Ngam in Koh Samui and the Novotel Beach Resort in Cape Panwa, Phuket.

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