On the northwest coast of Phuket, Thailand, The West Sands Resort and Villas is reportedly attracting strong interest from investors in Singapore, Hong Kong and Mainland China since it was put up for sale earlier this month.
Domestic Thai groups—"who know better than anyone the scarcity of West Coast beach front real estate in Phuket”—are also interested in the property, Mike Batchelor, Managing Director of JLL Hotels and Hospitality Group, who is leading the sale, said.
The foreign investors are looking to secure a Thailand Board of Investment privilege, which would allow 100-percent foreign ownership of the hotel and the land, Batchelor said, noting that the enquiries indicate a "healthy investment appetite" for hotel assets in the Asia Pacific region.
The resort, which currently has 575 rooms, could be expanded to have as many as 1,000. It could also be developed to include condos, villas or vacation ownership properties.
The completion of the new airport terminal in June will be a “game changer” for Phuket, Batchelor added. Currently, the terminal offers direct flights to 14 countries and 43 cities around the world, including 19 cities in China. Phuket has seen increased international arrivals in recent years, he said, especially from mainland China. Chinese inbound arrivals into Thailand have grown at a rate of 47.7 percent annually over the past five years, and the Tourism Authority of Thailand is looking to increase visitor numbers from emerging Eastern European markets.
Source: Phuket News