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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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