Kingdom Hotel Investments (“KHI”), the leading hotel and resort investment company, chaired by Prince Alwaleed Bin Talal, announced it had 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 KHI’s first acquisition in Asia and offers a prime freehold location in an area of rebounding tourist demand. KHI will re-brand the Hotel as a Movenpick.
The resort is spread across a lush and exceptionally well landscaped site of 82,688 sqm on Karon Beach. It comprises 352 rooms (including 186 villa-suites with private plunge pools) as well as 30 two-bedroom apartments to be sold leasehold and managed by the hotel.