Royal Phuket Yacht Club THB1.3 Billion Price Tag

Posted: 06 Sep 2010 | 6:00 am

The 110 room luxury mainstay Royal Phuket Yacht Club resort in Nai Harn has been put up for sale for THB1.3 billion according to industry sources.

Current ownership rests with Purnavarna Holdings which is a partnership between a company formed by Steven Granville - British India Plc and a Spanish consortium Boscasolidos which has links to a leading Barcolona based football club.

Granville who was charged with alleged fraud earlier this year as part of a high profile multi-million dollar mega villa development Purnavarna in Rawai is currently being held in police detention.

One of the island's earliest upscale resorts, the property was acquired in 2007 from Lehman's at a price reported to be THB1.3 billion. The investment group had previously bought the resort from Pacific Assets.

Built in 1986 with a design by well known Thai architect M. L. Tridosyuth Devakula who's work include Trisara and Mon Tri's Boathouse. A sister property Baan Taling Ngam was constructed in Koh Samui and both came under management by the Mandarin Oriental chain from Hong Kong. Later a brand change came and both resorts were flagged to Le Meridien.

With an asking price of close to USD381,000 per key and a long overdue renovation requirement most view the valuation more for a trophy asset acquisition than a strong financial investment. Just a few months ago the Dusit Laguna fetched approximatley USD358,000 per key.

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