Property pundit Bill Barnett, writing in his thephuketinsider.com blog, reports, “The purchase price for the 338-key property is US$90,208,000 [about B2.7 billion].
“TA Global is an affiliate of Malaysia-based financial services group TA Enterprises.
“Over the past four years the group has embarked on a hotel acquisition strategy which has included buying the Swissotel Merchant Court Singapore, the Westin Melbourne, the Radisson Blue Sydney, the Aava Whistler [in Canada] and the Swissotel Kunchan in China.”
The Mövenpick Karon began life as the Karon Villa and Royal Wing, owned by the Vanich family. In December 2003 it was sold to LaSalle Investment Management, which spent US$20 million (B600 million) on an extensive makeover. Inter-continental was contracted to run the property as a Crowne Plaza resort.
Kingdom Investments, which is more than 90-per-cent-owned by Saudi billionaire Prince Alwaleed bin Talal, bought the resort in May 2006 for US$98.5 million, at that time about B3.7 billion. Kingdom brought Mövenpick in to run the hotel.
While TA has been on a buying spree, Kingdom has been doing rather the opposite, selling off its stakes in the Four Seasons Hotel Jakarta and the Mövenpick Dar es Salaam in Tanzania. It put the Karon property on the market in February this year.