Castlewood Group building luxury hotel at Bang Tao Beach in Phuket, Thailand
Phuket, Thailand: Singapore based Castlewood Hotels and Resorts has announced the launch of a new two hundred key hotel project near Laguna Village and Bang Tao Beach in Phuket, Thailand.
Castlewood Group's in house hospitality brand, 8over8, will manage the new hotel which will consist of two hundred luxury suites and a private rooftop penthouse for VIPs.
Cornerstone Management, one of Thailand's leading project management firms, have been retained to ensure timely delivery of the hotel.
Two purchase options are available to investors; the first gives buyers a guaranteed return of five percent for the first three years, then three percent for a further seven years. The second offers a return of five percent for the first three years, then full revenue from the hotel's rights of use policy for the following seven years.
Chris Comer, Castlewood Group's Managing Director for South East Asia, commented; "Our team here at our Group HQ in Singapore are equipped with a wealth of experience in all types of real estate investment. We looked at various hotel investment models globally and researched as many success stories as we did failures. It was apparent that there were real fundamental issues which had not been addressed when developing a lot of these hotels especially those that were not so successful. One factor was the selection of the right location this is fuelled by the 3 key factors, existing realistic occupancy rates, existing good average daily room rates and a solid reason for massive immediate growth in demand for the area with a feasible on-going growth forecast too. For us the area close to, Laguna Phuket, Thailand ticked all of those boxes."
Completion of the new hotel at Bang Tao Beach in Phuket is scheduled for 2013.
Castlewood Group also recently announced plans to expand their hotel brand to Koh Samui in Thailand and Langkawi in Malaysia.
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Rebecca Smith
Phuket Ocean Villas
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