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BREAKING NEWS Upscale Hotel For Central Festival Mall

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Posted: 23 Sep 2009 | 9:44 am

A 300 key upscale hotel is in the planning phases which will be located adjacent to Central Festival Mall according to the developers of the project Tom and Brother Asset Co., Ltd.. Construction is set to commence in November of this year and completion by 2012. The project will be part of the mixed use Holme Place complex which is a multi-level retail complex containing 25 shop units and is targeting lifestyle and luxury branded products. The hotel project is a partnership with the owner of the Sugar Palm Resort & Spa.

With land prices commanding premiums the shift in developing only hotel assets is now moving towards mixed use developments with combinations of retail, office, and residential components in order to reduce risk and maximize ongoing yields for the projects. Phuket's other mall Jungceylon already has a hotel component with the Millennium branded product within the mall area. Its understood the developers are also looking at adding a second hotel in the near future which will create additional critical mass and footfall.

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strange location for a up scale hotel dont you think ? JL

Bill Barnett responds:
Depends what the developer decides as upscale quality. The Central area is a key location on the island and there are a number of hotels next to mall in the region which are successful. That given the Phuket city accommodation market on the upper end has been sluggish for years though now projects The Point are renting rooms daily and successful. For market such as mainland China, they'd thrive on a hotel centrally located but this is mid scale business so yes back to your comment, we'd have thought perhaps a midscale hotel would address the market needs.

Jim Lee, 23 Sep 2009 | 3:10 pm

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