Laguna Resorts to Sell Thai Hotel

12th August 2010 (Last Updated August 12th, 2010 18:30)

Laguna Resorts & Hotels is selling its hotel property, Dusit Thani Laguna Phuket, in Thailand, to Dusit Thani Public Company for S$110m ($80.9m). Laguna Resorts is a subsidiary of luxury resorts operator Banyan Tree, which will gain about S$68.4m ($50.3m) on disposal of the proper

Laguna Resorts & Hotels is selling its hotel property, Dusit Thani Laguna Phuket, in Thailand, to Dusit Thani Public Company for S$110m ($80.9m).

Laguna Resorts is a subsidiary of luxury resorts operator Banyan Tree, which will gain about S$68.4m ($50.3m) on disposal of the property.

The move is expected to decrease Banyan Tree’s presence in Thailand, partly because of increased political risk in the nation.

Funds secured post sale will be used for overseas investments, repayment of bank loans and for payment of dividends to shareholders, according to channelnewsasia.com.