Karon Beach Hotel Phuket sold

Karon Beach Hotel PhuketKingdom Hotel Investments, a leading hotel and resort investment company, chaired by HRH Prince Alwaleed Bin Talal, has signed a contract to acquire the Karon Beach Hotel Phuket (currently managed by Crowne Plaza) from LaSalle Investment Management for US$98.5 million including US $ 30.5 million in debt. This is the company’s first acquisition in Asia and offers a prime freehold location in an area of rebounding tourist demand.  The hotel will be re-branded as a  Movenpick.

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