Novotel Panwa

The Board of Directors of owners Natural Public Park Company Limited (N-Park) approved the sale to Ton Vassana Company Limited last month.

In details released to the Stock Exchange of Thailand, Natural Hotel Panwa Company Limited sold land and construction under mortgage, and other assets related to the Novotel Beach Resort Panwa Phuket to Ton Vassana Company Limited. The purchaser paid THB200 million in cash while the the remaining amount of THB670 million was assumed liability to repay the principal, accrued
interest and other amounts outstanding under Debentures certificates.

The 216-room development has 77 rooms in phase one of its development, with another 72 rooms under construction in phase two. Construction of the combined phase one and phase two at the four-star development stands at 75 per cent.

The new owner, according in formation from the Stock Exchange of Thailand, plans to continue to invest and run this business as a resort.

Commenting on the sale, the Board of Directors said: “Selling Novotel Beach Resort Panwa Phuket at the price higher than book value will be beneficial to the Company, whereby the Company will immediately realize the gain on sale of assets, lessen the debenture burden and reduce legal fees and lawsuit against Lehman Brothers. In addition, the sale of assets will increase the working capital and financial stability. The Company will use the cash receive from sale of assets as working capital and invest in its real estate projects.”

The company had previously explained it had been unable to complete construction of project because of the insolvency of Lehman Brothers Commercial Corporation Asia Limited, partner in its subsidiary company.

In 2009 The Bangkok Post reported that cash-strapped N-Park was seeking funds to complete the second phase of the resor. One of the project´s investors, Lehman Brothers collapsed leaving the company THB285 short of the cash n$eeded to complete the project.

SOURCE: Property-Report

Astudo Hotels and Resorts

On the 1 December 2009 Best Western’s Sawaddi Patong will open its doors to the public, offering 146 fully appointed deluxe rooms and suits. Located on the West coast of Phuket Island, just 30 minutes drive from Phuket International Airport and right in the heart of the action and entertainment of the famous tourist spot Patong beach. Astudo Management has been appointed by Sawaddi Patong to handle all sales and marketing operations and is currently preparing for the launch of this new hotel in December.

This is the first time Astudo has taken on an independently branded hotel operating outside of their existing brands (X2 Resorts, Away Resorts, Le Bayburi and The Case). Astudo CEO Anthony McDonald believes that this is a great opportunity to expand the business and build on our reputation. “The success of our sales and marketing for our boutique hotels, operated under our own brands, has attracted the interest of larger hotel owners. This is the first of what we anticipate to be many properties that we will represent for marketing and sales. Even in the tough conditions we have all faced in 2009, our revenues and occupancy are up 20-25% across the board for our portfolio.”

Sawaddi Patong will include facilities to cater for all guests with extensive facilities for adults and children to relax and enjoy their stay. The large swimming pool, pool sun deck and pool side bar, games room, snooker room, kids activity centre and fusion restaurant will keep all who visit entertained. For relaxation the Vara spa provides an array of treatments by professionally trained therapists and the fully equipped fitness centre is accessible to all guests. Sawaddi Patong also can cater for events and business meetings with the high-tech conference and business facilities.

The 146 rooms and suites offer 30-60 square metres of space with king sized beds, private bathrooms and balconies that over look either the city skyline or pool and resort garden. Each room comes fully equipped with an LCD TV, DVD player, cable TV and complimentary internet.

Astudo Management has developed their reputation in the South East Asian region as one of the leading hotel management companies and will continue to expand their portfolio in the future with another wholly owned X2 Resort to be opened in Koh Kood in 2010.

SOURCE: Property-Report