Destination Resorts Portfolio

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Destination Resorts Portfolio

Teaser
Table of Contents 04 Introduction 06 Investment Highlights 22 Thailand Market Overview 34 Assets at a Glance 80 Contact Details
08 Portfolio Overview 68 Appendices Phuket Market Khao Lak Market Hua Hin Market Koh Samui Market Pattaya Market 14 Destination Hospitality Platform Overview
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Introduction

On behalf of Destination Resorts Co. Ltd. (the “PropCo”), CBRE and Finansa are pleased to present for your consideration, a unique opportunity to acquire a portfolio of eight hotel assets in leading resort markets across Thailand (the “Portfolio”) and the associated hotel operating and growth platform, Destination Hospitality Co. Ltd. (the “OpCo”).

The eight Portfolio freehold assets are internationally branded and located across Phuket, Koh Samui, Hua Hin, Pattaya and Khao Lak, and present a rare scale opportunity to acquire over 2,000 keys in one of the world’s leading tourism destinations.

In addition to the prime hotel assets, the incoming investor will also benefit from the unique OpCo, a fully-integrated operating and growth platform. The OpCo offers a highly capable team of professionals with a proven track record of delivering results across acquisitions, financing, development and project management, and hotel operations and asset management.

This is a unique opportunity for investors to gain immediate scale and exposure to key resort markets in Thailand, and acquire an operating platform enabling them to unlock significant market and asset upside, and drive future growth to create one of the largest and most profitable resort portfolios across Southeast Asia.

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Portfolio Investment Highlights

Thailand’s largest resort portfolio sale

A unique investment opportunity to acquire a major hotel portfolio of eight freehold assets across top four resort destinations in Thailand. Totalling over 2,100 keys, this is one of the largest resort portfolios ever brought to market in Southeast Asia and is a rare opportunity to get immediate scale across leading leisure markets of Phuket, Koh Samui, Khao Lak, Pattaya and Hua Hin. With high barriers to entry, opportunities of this scale and size are difficult to come by.

Opportune time to invest in Thailand

Known for its stunning beaches, lush vegetation, rich culture and world class hospitality, Thailand is a long-standing resort destination leader with ever growing popularity. Voted third in the prestigious “Best Country in the World” award by the Readers of Condé Nast Traveler 2022, behind only the “heavyweights” Portugal (1) and Japan (2), Thailand continues to attract arrivals to its shores.

A highly resilient market, Thailand saw an impressive recovery since 2022 and is looking to reach 75% of 2019’s record 40 million international visitor arrivals in 2023, all without significant resurgence of arrivals from Mainland China, historically Thailand’s number one feeder market. Operationally, Thailand’s popular resort destinations have performed exceptionally well, with markets such as Phuket recording a 18% Revenue Per Available Room (RevPAR) growth in 2023 compared to 2019*.

*YTD April 2023 versus YTD April 2019 6

Prime locations offering geographic diversification

Providing top-tier market exposure, the Portfolio offers eight assets in prime, highly sought-after locations within each market, offering the incoming investor access to the best beaches in Phuket, Koh Samui and Khao Lak as well as being able to capitalise on the growing popularity of Hua Hin and Pattaya.

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Strong operational performance with future upside

The opportunity offers immediate access to strong cash flow generating businesses as well as material operating and market upside. The unique mix of stable assets, recently opened or about to open assets, and development assets across leading resort markets is a key highlight of this investment offering.

Operating & Stable Assets with Further Upside (4 assets)

Holiday Inn Resort Phuket Karon Beach, Holiday Inn

Resort Phuket Surin Beach, Radisson Resort & Suites Phuket, Radisson Resort & Spa Hua Hin – well established resorts in strong markets, with further rate upside through future improvements.

Newly Renovated, Recently Opened / Opening Soon –Benefit from Strong Ramp Up (2 assets)

Radisson RED Phuket Patong Beach (due to open in late 2023) – upon completion of significant refurbishment, the incoming investor will benefit from owning the market leading “lifestyle” hotel in the heart of Patong.

SocialTel Koh Samui (recently opened) – brand new “lifestyle” product with potential to be sub-market leader upon stabilisation.

Development / Renovation Projects (2 assets)

Holiday Inn Resort Pattaya, Mora Resort Khao Lak –opportunity to acquire at this early stage of development and benefit from significant upside post opening.

Best-in-class international branding

Six of the resorts benefit from being branded under leading international hotel brands, namely IHG Hotels & Resorts (Holiday Inn) and Radisson Hotel Group (Radisson, Radisson RED), enabling the properties to benefit from global exposure and distribution power of the Radisson and IHG brands.

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The well-negotiated franchise agreements enable the assets to be managed by the internal operating platform, utilising synergies across the Portfolio and ultimately driving higher returns.

Unique operating platform

All Portfolio resorts are owner-operated by the vendor’s in-house platform, Destination Hospitality Co. Ltd. – a uniquely integrated hotel investment, development, asset management and operating platform. This unique and highly efficient operating structure allows the Portfolio to deliver market leading profitability driven by clustering of functions across resorts, and centralization of group services in Bangkok and other locations. Since inception, the OpCo has delivered eleven acquisitions, three exits and currently has four planned acquisitions in the pipeline. As part of this transaction, the incoming investor can acquire the OpCo.

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Portfolio Overview

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Portfolio Overview

Thailand Phuket

Holiday Inn Resort Phuket Surin Beach 256 keys Status: Operating Radisson Resort & Suites Phuket 179 keys Status: Operating Radisson RED Phuket Patong Beach 390 keys Status: Opening Q4 2023 Holiday Inn Resort Phuket Karon Beach 224 keys Status: Operating # # of Hotels in Market | Total operating keys # # of Hotels in City | Total keys under development / planned refurbishment 10

Hua Hin: 243 keys

Hua Hin Pattaya

Radisson Resort & Spa Hua Hin

243 keys

Holiday Inn Resort Pattaya

318 keys

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Status: Operating 1

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Pattaya: 318 keys

Koh Samui: 121 keys

Khao Lak: 424 keys

Phuket: 659 keys

390 keys

Status: Currently operating as Mountain Beach Hotel Pattaya. Planned refurbishment and rebranding as Holiday Inn Resort Pattaya, target opening 2025.

Koh Samui Khao Lak

SocialTel Koh Samui1

121 keys

Status: Operating

Mora Resort Khao Lak

424 keys

Status: Under Construction

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1. SocialTel Koh Samui – Real estate to be sold to investor on a sale and leaseback basis. Ownership of all trademark and IP rights associated with the “SocialTel” brand will remain with an affiliate of PropCo.

Portfolio Overview

Branding

Location Phuket Phuket Phuket Tenure Freehold Freehold Freehold Status Opening Q4 2023 Operating Operating
Radisson
Radisson
Holiday Inn (Franchised) Operator Destination Hospitality Co. Ltd. Destination Hospitality Co. Ltd. Destination Hospitality Co. Ltd. Keys 390 179 224 Facilities • 4 F&B Outlets • Meeting Facilities • 2 Swimming Pools • Fitness Centre • Spa • Kids Club • Radio Station • 5 F&B Outlets • Meeting Facilities • Swimming Pool • Fitness Centre • Spa • Kids Club • 5 F&B Outlets • 3 Swimming Pools • Fitness Centre • Spa • Kids Club • KOHO Surf School
RED (Franchised)
(Franchised)
Holiday Inn Resort Phuket Karon Beach Radisson Resort & Suites Phuket Radisson RED Phuket Patong Beach
1. SocialTel Koh Samui – Real estate to be sold to investor on a sale and leaseback basis. Ownership of all trademark and IP rights associated with the “SocialTel” brand will remain with an affiliate of PropCo.
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2. In-principle franchise agreement fully negotiated with major international operator for upscale brand; paused on signing.
Phuket Hua Hin Koh Samui Pattaya Khao Lak Freehold Freehold Freehold Freehold Freehold Operating Operating Operating Operating – to be renovated Under construction –to be renovated Holiday Inn (Franchised) Radisson (Franchised) Independent Holiday Inn (Franchised) TBC2 Destination Hospitality Co. Ltd. Destination Hospitality Co. Ltd. Destination Hospitality Co. Ltd. Destination Hospitality Co. Ltd. Destination Hospitality Co. Ltd. 256 243 121 318 424 • 4 F&B Outlets • 2 Swimming Pools • Fitness Centre • Spa • Kids Club • 7 F&B Outlets • Meeting Facilities • Swimming Pool • Fitness Centre • Spa • Kids Club • 4 F&B Outlets • Swimming Pool • Fitness Centre • 4 F&B Outlets • Meeting Facilities • Swimming Pool • Fitness Centre • Spa • 5 F&B Outlets • Meeting Facilities • 5 Swimming Pools • Fitness Centre
Wellness Centre
Kids Club • Watersport Centre Mora Resort Khao Lak SocialTel Koh Samui1 Holiday Inn Resort Phuket Surin Beach Radisson Resort & Spa Hua Hin Holiday Inn Resort Pattaya 13

Destination Hospitality Platform Overview

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Destination Group Overview

Destination Group1

Headquartered in Bangkok, Thailand, Destination Group is engaged in the ownership and operation of hotels and the operation of branded restaurants.

Destination Hospitality Co. Ltd. (OpCo) is a uniquely integrated hotel investment, development, asset management and operating platform.

1. Destination Group is not a legal entity and is used in this document to refer to illustrate businesses relevant to this proposed transaction.

2. SocialTel Koh Samui – Real estate to be sold to investor on a sale and leaseback basis. Ownership of all trademark and IP rights associated with the “SocialTel” brand will remain with an affiliate of PropCo.

Destination Resorts Co. Ltd.

Destination Hospitality Co. Ltd.

PropCo

Radisson RED Patong Beach

Radisson Resort & Suites Phuket

Holiday Inn Resort Phuket Karon Beach

Holiday Inn Resort Phuket Surin Beach

Radisson Resort & Spa Hua Hin

SocialTel Koh Samui2

Holiday Inn Resort Pattaya

Mora Resort Khao Lak

OpCo Acquisitions

Development & Project Management

Hotel Operations & Asset Management

Assets and business offered as part of the proposed transaction

Franchise Agreements

Management Agreements
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Destination Hospitality Co. Ltd.

Destination Hospitality Co. Ltd. is an established hotel acquisitions, development and management platform with a proven track record in providing end-to-end services acquiring hotel assets and creating value through renovating, rebranding, and successful hotel management in partnership with global hotel brands (franchise agreements). The company has 6 operating assets in Thailand and 2 development / refurbishment projects.

27years Experience

6 Operating assets (incl. 1 under renovation)

52 Employees

6 Under development, refurbishment or ongoing acquisitions

Acquisitions

Identify unique acquisition and value add opportunities to grow the hotel portfolio and drive returns

11 Hotels acquired

3 Hotels divested since 2001

Development & Project Management

Lead the construction and renovation process (planning, design, cost, timeline) delivering ontime, on-budget repositioning of hotel assets

Hotel Operations & Asset Management

Existing Brand Partners (Franchise)

Deliver exceptional guest experiences while driving market-leading top line and profitability through a lean and centralized support team, leveraging strong brand, distribution and loyalty in partnership with some of the world’s leading hotel franchisors.

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Destination Hospitality Co. Ltd. OpCo Overview

3 main focus areas in Acquisitions, Development & Project Management and Hotel Operations & Asset Management with the goal of increasing scale efficiently while driving revenue and enhancing profits for the hotel assets under management.

Acquisitions

In-house acquisition team with a strong pipeline and deal flow across Asia. Experienced in feasibility and identification and execution of value creation opportunities to drive value and returns.

Growth

Identify unique/distressed assets and repositioning opportunities to grow the hotel portfolio and drive returns

11 Acquisitions since 2001

Partnerships

Identify appropriate brand partners to further drive revenue

8 Owned Assets in Current Portfolio

Scale & Operating Leverage

Increase scale and fees for opco, drive operating leverage

4 Pipeline Acquisitions (under discussion)

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Development & Project Management

Experts in project development and renovations. Strong design experience and local knowledge to facilitate local approvals and coordination with external architects & designers. On-time, on-budget delivery.

Hotel Operations & Asset Management

Centralized and lean white-label management company, approved by some of the largest global hotel brands. Maximizing revenue and enhancing profits through synergistic interaction and implementation of best practices.

Operations

Sales & Revenue

Construction & Project Management

In-house team focused on building, construction, project management incl. facilitating local approvals, coordination & design etc.

On-time, On-budget Project Delivery

Focus on quality standards while managing costs and timelines effectively

5 Major renovations completed

3 Construction & major renovation projects underway

Delivering an exceptional guest experience at the property level while maximizing revenues and profits for Owners

Marketing & Digital

Creating well-rounded marketing strategies across various channels (digital, e-commerce, affiliate etc.) to a variety of stakeholders

Human Resources

Supporting hotels in recruitment and retention, training, benefits administration, and creating a positive work culture

Enhancing revenue through establishing solid sales channels and optimizing revenue management and distribution

Finance

Providing centralized and dedicated finance support in areas incl. accounting, cash management, reporting, FP&A etc.

Technology

Building strong technology infrastructure to allow for various efficiencies incl. cloud & remote services and business intelligence & analytics

Design & Construction

Offering in-house project management design review, preventive maintenance, capital planning, FF&E procurement etc. for both existing and new projects

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Timeline - Achievements & Track Record

Acquired:

• Felix Hotel (rebranded as Novotel - Karon Phuket (2014); Holiday Inn Resort Phuket Karon Beach (2023))

• Independent hotel (rebranded as - Hyatt Regency Phuket Resort; sold 2010)

• Acquired Courtyard by Marriott Kamala Beach (rebranded as Swissotel Resort Phuket Kamala Beach (2008); rebranded as Radisson Resort & Suites Phuket (2022))

• Commenced operations of branded restaurants

• Opened Hard Rock Café, Phuket

• Acquired Four Points by Sheraton Bangkok (sold 2019)

• Opened its first Hooters restaurant in Phuket

• Sold Hilton Hua Hin

Acquired Melia Hotel Hua Hin (rebranded as Hilton Hua Hin; sold 2014)

Acquired:

• Tropicana Hotel Patong (rebranded as DusitD2 (2007); Swissotel Resort Phuket Patong Beach (2016); to be rebranded as Radisson RED Phuket Patong Beach (4Q23))

• Surin Beach Hotel (rebranded as Novotel Phuket Surin Beach Resort (2016); Holiday Inn Resort Phuket Surin Beach (2023))

• Independent Hotel (rebranded as Novotel Hua Hin (2007); Radisson Resort & Spa Hua Hin (2023))

Sold Hyatt Regency

Phuket Resort

Acquired Ibis Styles Samui (rebranded as SocialTel Koh Samui (2022))

2001 2006 2007 2008 2010 2016 2014
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KEY ACHIEVEMENTS

11 Acquisitions since 2001

4 Pipeline Acquisitions (under discussion)

Sold Four Points by Sheraton Bangkok

Acquired Mountain Beach Hotel Pattaya (to be rebranded to Holiday Inn Resort Pattaya post major renovation (target 2025))

2019

2022 2023

Acquired Mora Resort Khao Lak (under construction)

3 Exits

~2.5x return on capital employed (based on 3 previous exits)

BRAND PARTNERS (PAST & PRESENT)

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Market Overview

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Thailand The Heart of Southeast Asia

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66m Thailand population as of 2022

3.6% GDP y-o-y Growth in 2023 (projected by World Bank)

2nd Largest economy in Southeast Asia

~20% Of Thailand GDP is contributed by Tourism

#1 Mastercard’s Global Destination Cities Index 2019 (Bangkok), with Phuket and Pattaya in #14 and #15

#1 Tourist destination in Southeast Asia in 2019 by visitor numbers (40 million international arrivals)

2nd Most-searched destination in APAC by Google Flights Jan-Mar 2023

3rd Best Country in the World by Readers of Condé Nast Traveler 2022, 1st in Southeast Asia

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Source: Thailand Board of Investment, various news sources, CBRE Research June 2023

Thailand: A Leading Tourism Destination

2022
2023
CEIC, Ministry of Tourism & Sports, CBRE Research June 2023 THAILAND INTERNATIONAL VISITOR ARRIVALS 2015 2016 2017 2018 2019 2020 2021 2022 Target 2023 Forecast 2027 2009 2011 2012 2013 2014 14.1m 19.2m 22.4m 26.5m 24.8m 29.9m 32.5m 35.6m 38.2m 39.9m 6.7m 0.4m 11.2m 30.0m 80.0m GFC Thailand Floods Coup D’etat King Rama IX’s Passing Phoenix Boat Sank COVID-19 Pandemic 39.9M 2019 CAGR 2015 - 2019: 11% 2010 15.9m 26
11.2M
30M target
Source:
KEY INTERNATIONAL SOURCE MARKETS (2019) % 2019 32% China 9% Russia 7% Germany 5% Australia UK 3% France Korea Malaysia Japan THAILAND MARKETWIDE HOTEL PERFORMANCE Source: STR June 2023 Source: CEIC, Ministry of Tourism & Sports, CBRE Research June 2023 China YTD April 2023 arrivals are at 21% of 2019 arrivals over the same period 4% 3% 3% 3% YTD April 2019 YTD April 2022 YTD April 2023 Occupancy ADR YTD April 2019 2019 76% THB 3,872 THB 2,952 -8p.p Occupancy +14% ADR +2% RevPAR Occupancy ADR RevPAR YTD April 2023 68% THB 4,433 THB 3,013 Occupancy ADR RevPAR 73% Occupancy THB 3,574 ADR THB 2,618 RevPAR RevPAR THB 3,872 THB 3,105 THB 4,433 THB 3,013 THB 1,234 THB 2,952 76% 40% 68% 27

Thailand: A Global Gateway

EUROPE, AFRICA & AMERICA

Russia

Phuket

Kazakhstan

Austria

Denmark

Finland

France

Germany

Netherlands

Bangkok

Norway

Sweden

Switzerland

UK

Ethiopia

Canada

Turkey

MIDDLE EAST

Pattaya Dubai

Qatar

Phuket

Oman

UAE

Israel

Bahrain

Thailand is one of the most wellconnected destinations globally, with direct international air connectivity not only from Bangkok, but also from Phuket, Koh Samui and Pattaya

Bangkok

Bangladesh

Bhutan

Jordan

Pakistan

Saudi Arabia

Kuwait

38 Airports, including 12 international and 26 domestic

Source: Thailand Board of Investment, Flightconnections, CBRE Research June 2023

Phuket

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Thailand: A highly liquid and active hotel investment market

Thailand has traditionally been and continues to be attractive for both domestic and international capital, as well as institutional, strategic and HNW investors. Hotels

Source: RCA, CBRE Research.

2008 - YTD MAY 2023 HOTEL INVESTMENT TRANSACTION VOLUME (USD M)

Note: Transaction volume excludes transactions where price is not disclosed.

Domestic 6 N/A 8 6 7 1 4 2 6 9 6 International 8 N/A 1 3 3 4 3 1 5 4 4 Unclassified 1 N/A N/A N/A 1 N/A N/A 2 N/A N/A 1 Total 15 N/A 9 9 11 5 7 5 11 13 11 2008 Keys Domestic 1,537 N/A 764 893 1,009 36 760 485 963 1,726 1,338 International 926 N/A 110 1,036 755 685 322 52 750 967 1,288 Unclassified 75 N/A N/A N/A 207 N/A N/A 138 N/A N/A 161 Total 2,538 N/A 874 1,929 1,971 721 1,082 675 1,713 2,693 2,787 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 215 188 427 176 176 207 131 338 187 181 381 193 193 202 126 328 131 11 168 81 40 121 180 316 496 513 6 548
Domestic International Unclassified N/A 30

2008 - YTD MAY 2023 HOTEL INVESTMENT TRANSACTION VOLUME (# OF KEYS)

4 out of the 5 most active hotel investment markets in Thailand since 2008 are resort destinations, and this Portfolio offers assets in each of those 4 markets

7 hotels | 1,422 keys

46 hotels | 10,515 keys

9 hotels | 1,594 keys

18 hotels | 1,654 keys

#2

32 hotels | 5,970 keys

3 4 3 9 N/A 2 2 10 2 3 N/A N/A N/A 1 N/A 5 6 13 12 3 551 462 534 2,451 N/A 336 547 1,578 238 664 N/A N/A N/A 70 N/A 887 1,009 2,112 2,759 664 2019 2020 2021 2022 2023 55 74 129 17 168 129 35 402 438 328 29 372 31
#1 Bangkok #4 Pattaya #3 Koh Samui #5 Hua Hin/Cha-am Phuket
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2008 – YTD MAY 2023 TRANSACTIONS (# OF KEYS)

Thailand Hotel Transactions Investors & Transaction Type

International & institutional capital sources are active in Thailand

For the past 15 – 20 years, international and institutional investors have participated in 40%+ of hotel transactions (# of keys).

SELECTED INTERNATIONAL & INSTITUTIONAL INVESTORS

40%+ of hotel transactions (# of keys) involved International / Institutional Investors

Domestic players continue to be key investors in Thailand

Over the past 15 years, transactions involving domestic buyers account for slightly more than half of total deal volume across ~50 different buyers.

SELECTED DOMESTIC INVESTORS

42% Domestic International Unclassified

55%

~50 Buyers

Source: RCA, CBRE Research.

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Portfolio transactions feature attractively in Thailand hotel transactions with a strong focus in key resort locations

2008 – YTD MAY 2023

TRANSACTIONS (# OF KEYS)

40%+

of hotels sold were part of a portfolio

6 of 7 buyers were International Investors (institutional & strategic/corporate)

SELECTED RECENT TRANSACTIONS

7 Portfolio Transactions

70%

of portfolio transactions included hotels in key resort locations (in part or full)

Purchased (through a JV*)

3 Hotels | 664 keys

Ibis Styles Krabi Ao Nang

Ibis Phuket Kata

Ibis Hua Hin

2023

*JV with Origin Property.

Purchased

4 Hotels | 787 keys

Avani Riverside Bangkok Hotel

Anantara Layan Phuket Resort

Anantara Riverside Bangkok

Four Seasons Resort Koh Samui

2021

Purchased

3 Hotels | 366 keys

Manathai Surin Phuket

Manathai Koh Samui Beach Resort

Manathai Khao Lak

2021

Portfolio Single Asset International
Domestic
Resort Locations Non-resort Locations 70% 85% 43% 57% 15% 30%
Buyers
Buyers
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04

Assets at a Glance

Radisson RED Phuket Patong Beach

Facilities

4 F&B Outlets

390 keys

FREEHOLD

Room Size

32-87 sqm

Meeting space

2 Pools, Gym, Spa

Kids Club

Radio Station

Nearby Attractions

Patong Beach (0.2 km)

Bangla Road nightlife (1.1 km)

Jungceylon Shopping Center (1.4 km)

Wat Doi Thep Nimit

Monastery Temple (6.1 km)

Elephant Jungle Sanctuary (8.3 km)

Bang Wat Reservoir (10.9 km)

Tenancies

45 mins

To Phuket International Airport (by car)

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Investment Highlights

Situated in one of the most popular areas on the picturesque west coast of Phuket island, Patong Beach is Phuket’s main tourist resort destination, known for its long stretch of pristine sand and a vibrant nightlife.

Occupying a substantial 7,552 sqm site, the hotel is ideally located on the doorstep of an unrivalled nightlife scene and a mere 200 metres from the beach.

Upon imminent completion of renovation works, the property will relaunch as Patong’s newest and most iconic upscale lifestyle hotel. Rebranding to the dynamic Radisson RED will provide opportunity to benefit from significant ramp up following the transformational capex programme, with a product that perfectly complements the vigour of Patong’s unrivalled nightlife scene, ultimately driving hotel profitability.

A truly unique property, this design-led hotel will offer contemporary and vibrant rooms and an art-inspired lobby with a red tuk-tuk and a popular radio station as its centrepiece.

Extensive entertainment facilities, including rooftop bar and beach club, and a secret speakeasy lounge, alongside two swimming pools, a ballroom and a kids club will set the hotel apart from its competitors and attract a diversified visitor profile.

Partnerships with top F&B operators further complement the hotel’s lifestyle offering, adding to the appeal of the hotel and creating valuable additional income streams.

Radisson RED Phuket

Patong Beach

Watch highlight video

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179 keys

FREEHOLD

Radisson Resort & Suites Phuket

Facilities

5 F&B Outlets

8 Meeting Rooms Pool, Gym, Spa Kids Club

Nearby Attractions

Café del Mar Phuket (0.3 km)

Phuket FantaSea Themepark (0.5 km)

Kamala Beach (0.6 km)

Surin Beach (1.8 km)

Patong Nightlife District (7.3 km)

Phi Phi Island (59.3 km)

43-95 sqm

Room Size Tenancies

30 mins

To Phuket International Airport (by car)

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Investment Highlights

Set amongst a lush tropical garden, the hotel is just a stone’s throw away from the stunning protected bay of Kamala Beach, positioned on Phuket’s famous sunset coast. A distinguished beach in its own right, Kamala is home to an increasing number of high-end resorts, having witnessed exponential growth in popularity in recent years. The resort is perfectly positioned between the beaches of Surin and Patong, providing effortless access to tranquil, powder-soft sands and calm, shallow waters as well as Phuket’s most vibrant nightlife district.

A well-built, upscale all-suites product, the resort offers a variety of spacious suites, allowing for high yielding opportunities. Each suite comes with a separate bedroom, living room and private balcony with breath-taking views of the surrounding gardens and the Lagoon swimming pool.

Resort’s extensive facilities, from its swimming pool, 288 sqm of meeting room spaces, a spa and kids club, allow it to capture a diversified profile of guests.

Core location enables the resort to capitalise on diverse demand generators and a plethora of retail and F&B offerings, including the adjacent Café del Mar social club, popular with locals and tourists alike for its mellow Ibiza-style atmosphere and breath-taking sunsets.

Radisson Resort & Suites Phuket

Watch highlight video

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Holiday Inn Resort Phuket Karon Beach

Facilities

224 keys

Nearby Attractions

5 F&B Outlets

3 Pools, Gym, Spa Kids Club

KOHO Surf School

Karon Beach (0.8 km)

Karon Night Market (0.6 km)

Patong Nightlife District (6.2 km)

Wat Chaithararam Temple (12.6 km)

Khlong Katha Reservoir (14.8 km)

Big Buddha and Wat Karon (15.9 km)

Room Size

FREEHOLD Tenancies

28-60 sqm

45 mins

To Phuket International Airport (by car)

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Set in a premium location along Phuket’s sunset coast, the resort is just a stone’s throw away from the picturesque shores of Karon Beach, renowned for its crystal-clear waters, soft sandy beaches, and lush greenery, synonymous with the natural beauty of Phuket. Top-rated Patong, Freedom, Kata and Kata Noi beaches are all within easy reach, providing unparalleled access to the best of Phuket’s beaches.

Contemporary designed full-service resort, featuring a variety of spacious guestrooms and suites, including family rooms and units with private plunge pools, set alongside an array of exceptional amenities, allowing the resort to attract a diversified spectrum of guest demand.

Resort’s facilities are perfectly positioned to capture the family segment, providing some of the best resort facilities on Karon beach, from multiple pools, a kids club and Koho Surf, Phuket’s fully accredited surf school.

The incoming investor will benefit from the imminent rebranding of the resort to Holiday Inn Resort Phuket Karon Beach, capturing further operational upside.

Investment Highlights

Holiday Inn Resort Phuket Karon Beach

Watch highlight video

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Holiday Inn Resort Phuket Surin Beach

Facilities

4 F&B Outlets

256 keys

FREEHOLD

2 Pools, Gym, Spa

Siam Adventure Club Desk

Kids Club

Indoor movie theatre & video arcade

Nearby Attractions

Surin Beach (0.4 km)

Laem Singh Beach (1.1 km)

Bang Thao Night Market (3.5 km)

Phuket FantaSea (3.8 km)

Blue Tree Phuket Water Park (5.7 km)

Green Elephant Sanctuary Park (10.1 km)

Room Size Tenancies

32-88 sqm

25 mins

To Phuket International Airport (by car)

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Awarded the TripAdvisor Travelers Choice for Best Family Resort in Thailand and Phuket

Best Family Resort PhuketRooms to make the family feel at home

An award-winning family-focused resort, offering a variety of comfortable rooms and suites and extensive facilities, featuring a games arcade, cinema, and pools with water slides, ideal for capturing the family segment. Exclusive location, steps away from the secluded Surin Beach on the west coast of Phuket, known for its pristine white sands and turquoise waters.

A mere 15-minute walk away from the resort is Laem Singh Beach, one of the most scenic bays on Phuket island, offering a picture perfect postcard image of hidden tropical paradise, large rock boulders and lush greenery.

Ideally located, the resort is a 10 minutes’ drive from the luxurious Laguna Phuket residential enclave and its neighbouring Bang Tao area, known for its lively bars & restaurants, 18-hole golf course, and luxury lifestyle amenities. Easily accessible, just a 25 minutes’ drive from Phuket International Airport.

The incoming investor will benefit from the imminent rebrand of the resort to Holiday Inn Resort Phuket Surin Beach, capturing further operational upside.

Investment Highlights

Holiday Inn Resort Phuket Surin Beach

Watch highlight video

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243 keys

FREEHOLD

Radisson Resort & Spa Hua Hin

Facilities

7 F&B Outlets

9 Meeting Rooms Pool, Gym, Spa Siam Adventure Club Desk

Kids Club

Indoor movie theatre, video arcade & KOHO Skate Park

Nearby Attractions

Mrigadayavan Palace (2.6 km)

FN Outlet Hua Hin (4.2 km)

Cha-Am Forest Park (7.3 km)

Cha Am Beach (9.4 km)

Swiss Sheep Farm (10.7 km)

Cicada Night Market (12.9 km)

Room Size Tenancies

34-197 sqm

3 hours

To Suvarnabhumi International Airport (by car)

15 mins

To Hua Hin Airport (by car)

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An award-winning beachfront resort, situated in one Thailand’s top tourist destinations. Located within easy reach of Bangkok, the resort provides the perfect respite from the grind of city life.

Ideally located between Cha Am and Hua Hin, a major coastal tourism stretch with several branded hotels, the property enjoys direct access to a 70-metre wide secluded beach, with each room offering a private balcony and panoramic views of the ocean.

Situated in one of Thailand’s premier golfing destinations with as many as seven first-class golf courses nearby, and a major focus on leisure and family travel, the resort is able to capitalise on a diverse range of demand generators.

An institutional quality asset, the resort offers a variety of stylish rooms and suites, including family rooms with bunk beds, allowing for yield maximization. Recent renovations and rebranding to Radisson create potential to achieve higher ADR and drive further operational upside to an already well-performing asset.

Extensive facilities, including multiple F&B outlets, a beach club, 3,758 sqm of events space and state of the art kids club, featuring a movie theatre, games arcade and KOHO Skate Park. The resort attracts a diversified guest profile, catering to families, couples, groups (social and corporate) and golfers alike.

Continuous investment in infrastructure will further improve Hua Hin’s connectivity upon completion of the Intercity Motorway Project and the opening of new dual track train line, drastically reducing travel time to Bangkok.

Investment Highlights

Radisson Resort & Spa Hua Hin

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121 keys

FREEHOLD

SocialTel Koh Samui

Facilities

Nearby Attractions

4 F&B Outlets Pool, Gym Chaweng Beach (0.3km)

Chaweng Night Market (0.6 km)

Central Festival Samui (0.6 km)

Wat Sawang Arom Chaweng Temple (3.5 km)

Koh Samui Town Centre (6.5 km)

Big Buddha Temple Wat Phra Yai (7.4 km)

Tree Bridge Zipline (15.2 km)

Room Size Tenancies

16-25 sqm

15 mins

To Samui International Airport (by car)

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Investment Highlights

Haute Grandeur Global Hotel Awards 2023

Best Activity Hotel (Asia)

Best Lifestyle Hotel (Asia)

Best Urban Hotel (Asia)

Best Leisure Hotel (Thailand)

Situated on Thailand’s second largest island of Koh Samui, the hotel occupies a prime location, in the heart of the island’s most popular entertainment and nightlife resort town of Chaweng, a mere 200 metres from the majestic 5-km-long Chaweng Beach.

Newly built and opened in 2022, SocialTel features a variety of design-led modern rooms, from private rooms to 8-person dorms featuring private balconies overlooking the swimming pool.

Bridging the gap between a lifestyle boutique hotel and a social hostel, SocialTel provides specially curated F&B outlets, including a vibrant urban beach club and a speakeasy bar, appealing to a variety of travellers and setting itself apart from its competitors.

Strategically positioned in a high-footfall location, peppered with bars and adventure tours, enables the hotel to attract diversified revenue streams, capturing additional F&B and tours business, ultimately driving value.

As the asset begins to stabilise, significant asset management opportunities exist, from growing the group business to capitalising on synergies with the other SocialTel hostels currently in the pipeline across Thailand.

SocialTel Koh Samui

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Holiday Inn Resort Pattaya

Pending refurbishment & rebranding to Holiday Inn by 2025

318 keys

FREEHOLD

30-90 sqm

Facilities

4 F&B Outlets

Meeting Rooms

Pool, Gym, Spa

Nearby Attractions

Kasetsin Beach (0.2 km)

Big Buddha Temple (1.4 km)

Pattaya Beach (2.7 km)

Pattaya Water Park (2.7 km)

Pattaya Night Bazaar (4.2 km)

Sanctuary of Truth Museum (9.3 km)

Dolphinarium Pattaya (11.4 km)

45 mins

To U-Tapao–Rayong–Pattaya

International Airport (by car)

90 mins

To Suvarnabhumi

International Airport (by car)

200m

To Kasetsin Beach

60

Investment Highlights

An operating asset set on a substantial freehold site, the hotel is equipped with tropical-themed rooms with beautiful ocean and mountain views and extensive facilities, offering unlimited potential to an incoming investor.

Situated in one of the most scenic settings of Phra Tamnak Hill, the hotel sits in a premium residential submarket of Pattaya, just a few minutes’ walk from one of the most beautiful beaches in the area and just over a kilometre away from Pattaya Walking Street and its infamous night scene. Easily accessible from Bangkok, Pattaya is a vibrant hub of events and activities, attracting both domestic and international travellers.

Opportunity to acquire the asset at this early stage of refurbishment, provides an incoming investor with the benefit of significant upside post refurbishment and reopening, just in time for full market recovery and complete rebound in international arrivals.

Upon completion of refurbishment works, the incoming buyer will be able to enter into an executed franchise agreement with IHG and rebrand the hotel to a Holiday Inn.

highlight video
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Watch
Holiday Inn Resort Pattaya
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Under development, expected opening in 2025

Mora Resort Khao Lak

424 keys

FREEHOLD

Room Size

34-47 sqm

Facilities

5 F&B Outlets

Meeting Space

5 Pools, Gym, Wellness Centre

Kids Club Sport Centre

Surf Rider

Nearby Attractions

Similan Islands (16 km from Thap Lamu, main pier connecting Khao Lak to Similan Islands)

Khaolak Khaosok National Park (67 km)

Khlong Phanom National Park (83 km)

Phang Nga Bay (60 km)

James Bond Island (55 km)

Chong Far Waterfall in Lumru National Park (8.5 km)

Three 18-hole Golf Courses

(Aquella, Katathong and Tublamu – easily accessible within 20 minutes–one hour)

50 mins

To Phuket International Airport (by car)

Upscale to upper upscale international branding option is available

Upscale to upper upscale international branding option is available

64

The property offers an exceptional opportunity to develop and own a luxury beachfront resort, situated on Khao Lak’s most popular Bang Niang beach, known for its pristine white sandy beach and crystal clear waters.

Spanning across a sprawling 2.8-hectare site, the property is set to provide a 5-star full-service luxury resort, offering ultimate privacy and unparalleled direct views of the ocean. Strategically designed to provide 1,350 sqm of state-of-the-art event space, the resort is poised to capture the under-serviced meetings and weddings business and become the MICE leader in the Phang Nga province. Situated just north of Phuket island, Khao Lak is a premium resort destination, surrounded by iconic attractions, world-class dive sanctuaries and snorkelling spots, five spectacular primary forest national parks and three 18-hole golf courses, all easily accessible from the resort.

Located a 20 minutes’ drive from Thap Lamu, the main pier connecting Khao Lak to Similan Islands, famous for once in a lifetime wildlife experiences with turtles, manta rays and whale sharks.

The incoming buyer will have the flexibility of entering into a provisionally negotiated franchise agreement with a leading international hotel operator or choosing to brand and operate the resort under their chosen brand.

Investment Highlights

Mora Resort Khao Lak

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Appendices 05

Phuket

Thailand’s Largest tropical island, providing access to countless worldrecognised beaches, sites of natural beauty, rich culture and heritage alongside a vibrant entertainment offering. One of Most Visited Resort destinations in Asia.

3rd Busiest Airport in Thailand, Phuket welcomed 9.1 million passenger arrivals in 2019, to record a five-year (2014-2019) CAGR of 9.8%.

Superior Connectivity, the airport benefits from direct flights to over 20 international and 7 domestic destinations.

Strong International Demand, with international arrivals accounting for 73.5% of total visitor arrivals.

Holiday Inn Resort Phuket Surin Beach

Radisson Resorts & Suites Phuket

Radisson RED Phuket Patong Beach

Holiday Inn Resort Phuket Karon Beach

Culinary excellence with 23 restaurants on the island featured in the Michelin Guide Restaurants 2023.

Selected to host the world-class Phuket EXPO 2028, generating significant demand to the island.

Phuket
1 2 3 4 25 mins 30 mins 45 mins 50 mins 4 3 1 2 70
Thailand
Phuket International Airport (HKT)

Source: Ministry of Tourism & Sports, STR, CBRE Research, June 2023

HOTEL
PERFORMANCE 70% THB 3,862 2019 2022
YTD
VISITOR ARRIVALS 14.6M 2019 5.6M 2022 3.8M YTD April 2023
CITY & NIGHTLIFE HISTORY & RELIGION
April 2023
NATURE & OUTDOORS
Patong Beach James Bond Island (near Phang Nga Bay) Protected Marine Sanctuaries of Similan Islands The Big Buddha Soi Bangla Road (Patong Beach) Fantasea Phuketfantasea.fun
YTD
RevPAR
Occupancy ADR RevPAR THB 2,703 48% THB 4,175 Occupancy ADR RevPAR THB 1,991 72% THB 5,606 Occupancy ADR RevPAR THB 4,061
73% of 2019 visitors were international
April 2023
18% above 2019 over the same period
71
Phuket101.net

Koh Samui

Thailand

One of Asia’s most desirable resort destinations, popular with both domestic and international travellers, Koh Samui is home to a number of world-renowned luxury resorts. Enjoying a balanced mix of breath-taking beaches, picture perfect landscapes and a vibrant nightlife, Koh Samui welcomed a total of 5.9 million arrivals in 2019.

Offering a more tranquil alternative to Phuket, Koh Samui provides access to wellness, nature and golf and is considered a gateway to exploring the best diving reefs in the gulf of Thailand.

Hotels

Golf Courses

Four Seasons

Evolving as a destination, in recent years Koh Samui increased the number of lowcost carrier flights and ferry routes, with the aim of diversifying and growing its customer base.

Koh Samui continues to be one of Thailand’s strongest hotel markets, recording the highest ADR in the whole of Thailand.

Investment-grade assets are closely held and rarely available for sale.

1 2 3 4 5 6 7 8 9 10 11 12 13 Samui Airport (USM) SocialTel Koh Samui 1 2 3 4 5 6 7 8 9 10 11 12 13 15 mins
Six
Senses Ritz Carlton Belmond
Intercontinental Conrad
Banyan Tree Royal Samui Golf & Country Club Samui Disc Golf Santiburi Golf Course Ferry Ports Samui Raja Ferry Nathon Pier Bangrak Port Koh Samui
72
VISITOR ARRIVALS
2019 3.7M 2022 2.1M YTD April 2023 NATURE & OUTDOORS CITY & NIGHTLIFE HISTORY & RELIGION
Source: Ministry of Tourism & Sports, STR, CBRE Research, June 2023
(SURAT THANI)
Hotels.com
Mu Ko Ang Thong National Marine Park Elephant Jungle Sanctuary Tree Bridge Zipline Central Festival Samui Chaweng City Centre Wat Plai Laem Temple
5.9M Centralpattana.co.th Treebridgezipline.com
2019 visitors were international HOTEL PERFORMANCE (KOH SAMUI) 62% THB 7,153 2019 2022 YTD April 2023 Occupancy ADR RevPAR THB 4,435 41% THB 7,520 Occupancy ADR RevPAR THB 3,092 69% THB 8,686 Occupancy ADR RevPAR THB 6,023 73
61% of

Pattaya

Located within easy reach of Bangkok, Pattaya is a popular destination, attracting both international and domestic demand.

Easily accessible from Suvarnabhumi airport, benefitting from excellent road connectivity. Further upside from the imminent expansion of the U-Tapao–Rayong–Pattaya International Airport.

Significant growth potential with upcoming high-profile developments adding new lifestyle attractions and creating new shopping, recreational and entertainment amenities, subsequently raising Pattaya’s profile as a tourist destination.

Selected as one of Thailand’s key “MICE Cities” by the Thailand Convention and Exhibition Bureau (TCEB), Pattaya’s MICE sector continues to grow, generating more corporate and mice demand and attracting high-profile exhibitions and international festivals to the city.

Thailand’s Eastern Economy Corridor (EEC) projects are enhancing land, air and sea connectivity, subsequently increasing commercial activity in and around the city.

Well-balanced market, with limited seasonality, Pattaya is supported by an all year round events calendar, from festivals, concerts and sports events.

30
2 3
Holiday Inn Resort Pattaya 1 h
mins to Suvarnabhumi International Airport Chonburi 1
Pattaya Exhibition And Convention Hall (PEACH)
International Convention and Exhibition Center (NICE) Pattaya Beach Jomthien Beach Central Pattaya 1 2 3
4 5 4 5 45 minutes by car (45km) to
74
NONGNOOCH Pattaya
Thailand
U-Tapao–Rayong–Pattaya International Airport (UTP)

NATURE

HOTEL PERFORMANCE (PATTAYA)
CBRE
2023 VISITOR ARRIVALS (CHONBURI) 2019 14.7M 2022 7.9M YTD April 2023
Source: Ministry of Tourism & Sports, STR,
Research, June
RELIGION
& OUTDOORS HISTORY &
Jomtien Beach Nong Nooch Botanical Garden Koh Larn (Coral Island) Pattaya Floating Market
18.6M 54% of 2019 visitors were international 73% THB 2,692 2019 2022 YTD April 2023 Occupancy ADR RevPAR THB 1,975 49% THB 3,092 Occupancy ADR RevPAR THB 1,509 70% THB 3,395 Occupancy ADR RevPAR THB 2,391 75
Sanctuary of Truth Museum Pattaya Big Buddha Temple

Cha Am & Hua Hin

Located within easy reach of Bangkok, Hua Hin is one Thailand’s top tourist destinations, ideal for families, couples and groups.

Increasingly recognized as Thailand’s premier golfing destination with as many as six first-class golf courses within easy reach.

Medical tourism is another demand generator, with visitors seeking a relaxed beachfront getaway, offering top quality medical, dental, and spa services.

Resilient market, Hua Hin performed exceptionally well throughout the pandemic, attracting domestic travelers and offering a variety of leisure activities, from fresh seafood restaurants, night markets, shopping malls, golf courses and waterparks.

Improvements to infrastructure with the implementation of The Intercity Motorway Project: Bang Khun Thian Line - Pak Tho, a high priority intercity project. Together with the opening of the new dual track train line, Hua Hin’s connectivity will continue to improve, facilitating travel between Bangkok and the southern region of the country.

Commercialization of the Hua Hin Airport will make Hua Hin benefit from direct access to international destinations, thus attracting more foreign visitor arrivals.

3 hours to
International
7 8 9 10 11 1 2 3 4 5 6
Thailand Phetchaburi
Suvarnabhumi
Airport
Golf Courses Springfield Royal Country Club Black Mountain Golf Club Palm Hills Golf Club Royal Hua Hin Golf Course Majestic Creek Country Club Sea Pines Golf Club Beaches Hua Hin Beach Khao Takiab Beach Khao Tao Beach Waterparks Black Mountain Water Park
1 2 3 Prachuap Khiri Khan 4 5 6 7 8 9 10 11
Vana Nava Water Park
Resort & Spa Hua Hin 76
Radisson

NATURE & OUTDOORS HISTORY & RELIGION

11% of 2019 visitors were international

60%

CITY & NIGHTLIFE

Tripadvisor.com

VISITOR ARRIVALS (PHETCHABURI & PRACHUAP KHIRI KHAN)

Source: Ministry of Tourism & Sports, STR, CBRE Research, June 2023

HOTEL PERFORMANCE (CHA AM & HUA HIN)

2019 18.7M 2022 7.7M YTD April 2023
Khao Nang Phanthurat Forest Park Hua Hin Beach Kaeng Krachan National Park Hua Hin Night Market Wat Khao Takiap Temple Mrigadayavan Palace
16.2M
THB 4,021 2019 2022 YTD April 2023 Occupancy ADR RevPAR THB
48% THB 4,360 Occupancy ADR RevPAR THB
Occupancy ADR
+49% above 2019 over the same period 77
2,424
2,096 55% THB 4,436
RevPAR THB 2,460

Khao Lak, Phang Nga

Thailand

Highly sought after growth market, Phang Nga continues to attract world-renowned luxury brands to its shores.

Phang Nga welcomed 4.9 million arrivals in 2019, of which over 71% were international.

Just 70 kilometres north of the worldrecognised international resort destination of Phuket, Khao Lak offer its visitors access to unspoilt beaches, truly turquoise waters and ultimate privacy.

Within easy reach of five stunning national parks and Similan Islands, famous for its untouched beaches and one of the world’s best diving sites.

Phang Nga, will be the beneficiary of Phuket’s proposed second airport (20 minutes closer to Khao Lak), which, coupled with the highway expansion, will significantly reduce travel times, improving Khao Lak’ accessibility.

Phang Nga Mora Resort Khao Lak 1 2 3 6 7 8 Hotels Pullman Proposed Sheraton Proposed Marriott Le Meridien Grand Mercure JW Marriott Points of Interest Bang Niang Beach Thap Lamu, Pier Aquella Golf & Country Club Katathong Golf Resort & Spa Tublamu Golf Course Phuket Phuket International Airport 4 5 9 10 1 2 3 4 5 7 6 9 10 50 mins 8 1 hour 30 mins to Similan Islands 78

NATURE & OUTDOORS HISTORY & RELIGION

71% of 2019 visitors were international

VISITOR

4.9M

13p.p below the same period 2019

HOTEL OCCUPANCY (PHANGNGA)

65% 2019 37% 2022

68% YTD April 2023 Occupancy Occupancy Occupancy

Source: Ministry of Tourism & Sports, CBRE Research, June 2023

ARRIVALS (PHANGNGA)
2019 1.3M 2022 928K YTD April 2023
Similan Islands Khaolak Khaosok National Park Chong Far Waterfall Ban Nam Khem Tsunami Memorial Park Khlong Phanom National Park Phang Nga Bay Khaolaklanddiscovery.com Tourismthailand.org
79

Contacts

CBRE © 2023 All Rights Reserved. All information included in this teaser pertaining to CBRE, Inc. (“CBRE”) - including but not limited to its operations, employees, technology and client – is proprietary and confidential and supplied with the understanding that such information will be held in confidence and not disclosed to any third party without CBRE‘s prior written consent. This teaser is intended solely as a preliminary expression of general intentions, is for discussion purposes only, and does not create any agreement or obligation by CBRE to negotiate or continue negotiations. CBRE shall have no contractual obligation with respect to the matters referred to herein unless and until a definitive, fully-executed agreement has been delivered by the parties. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarised herein, (2) enter into negotiations with other parties and / or (3) unilaterally terminate all negotiations with the other party hereto. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE.

Steve Carroll Senior Managing Director Head of Hotel
Capital
Asia Pacific steve.carroll1@cbre.com +65 9179 1439 CBRE Ananth Ramchandran Head of Advisory & Strategic Transactions Hotels & Hospitality, Asia ananth.ramchandran@cbre.com +65 8318 0641 Finansa Kittipong Lertvanangkul President, Investment Banking Dept., Finansa Securities Limited kittipong@finansa.com +66 94 925 6636 Veena Lertnimitr Executive Chairwoman, Finansa Securities Limited veena.l@finansa.com +66 95 428 2656 CBRE Agency License No.: L30021631
& Hospitality
Markets,
81
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