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Hotel sale signals strong tourism market in Pattaya
A Hong Kong based company called Pioneer Global Group, has bought the Garden Beach Resort in Pattaya, Thailand, for THB870 million.
The freehold property, which was purchased by Pioneer almost immediately it was put on the market, had received interest from both regional and international investors and signifies the increasing potential of Pattaya as a tourism destination.
Located 145kms from Bangkok, Pattaya is set to become an even more popular holiday destination, as travel time from the airport to resort will be reduced to 45 minutes when the new Suvarnabhumi International Airport opens in 2005.
The Garden Beach Resort has 382 guestrooms plus restaurants, bars, two swimming pools and conference facilities. Kenneth Gaw, managing director of Pioneer Global Group says:
“I am excited about the continued growth of the tourism market in Pattaya and Thailand as a whole. As new owner, we plan to enhance the resort experience for our guests and to improve the competitiveness of Garden Beach Resort in the marketplace.”
Jones Lang LaSalle, which oversaw the sale, says that investor confidence in the Thai hotel market is strong. The hotel investment services group has completed three transactions in Thailand in the last six months.
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