Karon Beach Hotel Phuket sold

ByPaul Johnson May 2, 2006

Kingdom 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.

Paul Johnson

Paul Johnson is Editor of A Luxury Travel Blog and has worked in the travel industry for more than 30 years. He is Winner of the Innovations in Travel ‘Best Travel Influencer’ Award from WIRED magazine. In addition to other awards, the blog has also been voted “one of the world’s best travel blogs” and “best for luxury” by The Telegraph.

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