Jones Lang LaSalle Hotels has sold the Garden Beach Resort in Pattaya, Thailand, to Pioneer Global Group, a Hong Kong-based company for $A25.3 million.
The freehold beachfront property has 382 guestrooms, three restaurants, two bars, conference facilities, two swimming pools, retail outlets and was sold with vacant possession of hotel management.
Kenneth Gaw, Managing Director of the Pioneer Global Group said he was excited about the future of the Garden Beach Resort and the continued growth of the tourism market in Pattaya as well as Thailand as a whole.
“As new owner, we plan to continue to enhance the resort experience for our guests and to improve the competitiveness of Garden Beach Resort in the marketplace,” he said.
According to Craig Collins, the senior vice-president of Jones Lang LaSalle Hotels who negotiated the transaction, the Thai investment market is currently very strong.
“I am confident we will see many more transactions involving the inflow of international capital for hotel and resort properties over the next 12 months,” he said.
“International investors see Thailand as a country of great beauty, a growing economy and increasing visitor arrivals.” Collins noted significant interest in the Garden Beach Resort Pattaya from Thai and regional investors as well as prospective international buyers.
“These investors were attracted by the potential of Pattaya as a tourism destination, particularly with the opening of the new Suvarnabhumi International Airport in 2005, which will reduce travel time from the airport to approximately 45 minutes,” he said.
The completion of the Garden Beach Resort sale is the third transaction completed by Jones Lang LaSalle Hotels since June this year.
