Karon Beach Hotel Phuket sold
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.