One of the leading Saudi Arabian hotel and resort investment companies, Kingdom Hotel Investments (KHI), recently signed an agreement to acquire developmental land on which it proposes to develop a $115 million resort and residential development project in Thailand.
The proposed 'Raffles Phang Nga Resort and Residences' is set to begin operations in 2009, according to Gulf News. The complex will be comprised of 150 rooms and 25 luxury residential villas located on 240,000 square meters of prime freehold land.
It is anticipated that standard rooms will contain a gross area in excess of 100 square meters per unit, while the built up areas of each villa will be approximately 500 square meters.
The move marks KHI's second acquisition in Thailand in 2006, made through a joint venture company, which is 80 per cent owned by KHI and 20 per cent by European Hotels Corp Ltd, KHI's joint venture partner in the Four Seasons Hotel in Marrakech. KHI is targeting to invest a $12 million ownership stake in the proposed development, and will seek debt financing to fund approximately 50 per cent of the total project.
The site is adorned with palm trees and overlooks the Andaman Sea, benefiting from approximately 400 metres of direct beachfront. The proposed resort is located 35 minutes drive from Phuket International Airport.
