KBank's confidence in Phuket helps Cape View clinch a deal

Cape View Resort and Spa has clinched a Bt567-million loan agreement with Kasikornbank to finance its new development on Phuket's Kalim Beach.

The four-star Kalima Resort and Spa will feature 168 hotel rooms on the 24-rai property, which requires a total investment of Bt1.25 billion. Construction will begin late this year and is scheduled to be completed by late 2012.

"Phuket still offers huge room for growth," Paponpat Niyomdun, an executive of the new hotel, said. "As we have witnessed, Phuket can recovery quickly from turbulence and still remains a major destination for foreign travellers. The hotel should welcome a warm response given the location - facing the sea."

The hotel will mainly target European tourists, especially those from Scandinavia, for the high season, and Asian markets during the low season. Some marketing activities are being planned in cooperation with Blue Marine Resort and Spa.

Tawit Thanachanan, first senior vice president of KBank, said the loan was extended due to confidence in Phuket's potential to keep attracting tourists. Hotel business on the island remains buoyant, despite concerns about political instability.

Tawit noted that the bank had been approached to finance new developments and refurbishment of existing hotels and resorts, with many seeking loans of more than Bt500 million each.

Earlier, the bank had signed a Bt1-billion loan for a new hotel on Phuket's Patong Beach, and is about to sign a Bt1-billion loan deal for a hotel in Thalang district.

Meanwhile, operators in nearby Samui Island also foresee an improvement in the first half.

Thanks to cheaper room rates, the number of travellers to the island in Surat Thani province should be 10 to 20 per cent higher than in the first half, president of Koh Samui's Tourism Association, Sanee Puwasetthaworn, said. While more local travellers are welcome, operators on the island are also shifting their focus to Asian markets, particularly China and South Korea.

According to Surat Thani Governor Damri Boonjing, travellers to Samui spend Bt2,000 per head per day.

Resource : SALINEE PRAB, THE NATION

July 29, 2010

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