Absolute Plans Two Sites In Phuket
May 20, 2009 by Paul · Leave a Comment
Absolute Group, a hotel management and development company, is investing 570 million baht to develop two projects on its own in Phuket, scheduled to open this year.
The properties are the 300-million-baht Absolute Bangla Suites, with 47 suites and seven penthouses in Soi Bangla, and the 270-million-baht Absolute Beach Resort at Nakalay, with 33 suites and penthouses on Patong Bay.
The company is also co-investing with the ‘yoo’ brand, which is seeking to expand in Asia, to develop a lakeside apartment building worth 1.75 billion baht in Phuket, due to open in 2011.
The 256-room yooPhuket is located near the Red Mountain golf course and is scheduled to launch in September. Absolute Resort Management will manage the property.
Bryan Lunt, Absolute’s chairman, said expanding during the crisis was a big challenge. However, he is still confident in Phuket’s competitiveness, as the island is well-known worldwide even though the global downturn and local political instability have affected Thai tourism.
“Phuket is our main focus as we believe the market has a lot of growth potential in the medium to long term. We’re also interested in Samui and Pattaya, which still have growth,” he said.
yooPhuket’s target customers are foreigners as well as Thais who are looking for a good return on investment and want to live or stay in a high-end resort under an international brand. yooPhuket expects its occupancy in the first year to be at least 85%, Mr Lunt said.
Apart from its own investment, Absolute will manage two resorts: the Absolute Chandara Resort and Spa Phuket and the 100-suite Absolute Sansabai Resort and Spa. Its portfolio includes the 54-room Absolute Sea Pearl Resort and Spa in Patong and the 30-room Absolute Patong Villa Resort and Spa.
The company has budgeted 200 million baht this year for operations, human resources and marketing for properties planned to open this year.As well, it is expanding its vacation ownership business by opening two new sales offices in Bangkok and another one in Teheran. The Middle East is expected to be a growing market and more offices are planned.
The company said Thai buyers of its Absolute Vacation Club were growing in number. It sold more than 100 memberships in the first month of operations.
Source: Bangkok Post – http://www.bangkokpost.com/business/tourism/17001/absolute-plans-two-sites
| For information on advertising and editorial opportunities with Perspective Magazine & Owners Perspective Magazine; the leading independent B2B & B2C magazines for the timeshare and fractional ownership industries visit www.perspectiverates.com |
