ONYX Hospitality Group has reached an agreement with Land and Houses Bank Public Company (LH Bank) to secure financial support for the development of EQ Phuket, a new hotel in Thailand.
With a total investment value of approximately Bt2.8bn ($86m), the project is scheduled for completion and opening in the second quarter of 2028.
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The financing arrangement was formalised during a signing ceremony held at Oriental Residence Bangkok on 7 May 2026, attended by senior leadership from ONYX Hospitality Group, Equatorial Group, and LH Bank.
LH Bank president and CEO Shih Jiing-Fuh said: “The bank has extended the loan facility of Bt1,800m to support the development of the EQ Phuket project.
“We are confident that the EQ Phuket project will further enhance the island’s tourism potential and strengthen Thailand’s competitiveness in the global tourism market.”
The development is the result of a previously established joint venture between ONYX Hospitality Group and Equatorial Group, signed in November 2024.
The resort will cover around 32 rai (25,600m²) and is planned to feature 170 guest accommodations, including 11 pool villas, 27 suites, and 132 standard rooms.
Additional facilities will consist of two swimming pools, a spa, a fitness centre, a children’s club, a beach club, and event spaces.
The site will include an all-day dining restaurant and a pool bar, along with a dedicated beachfront area for sports and leisure.
Phuket continues to attract high numbers of international visitors from various markets, with Chinese tourists representing the largest group. Travellers from Russia and India have also shown increased presence.
The agreement with LH Bank underscores the alignment between the financial institution, ONYX Hospitality’s hotel management expertise, and Equatorial Group’s development interests.
