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Hong Kong Group Buys Pattaya, Thailand, Resort.
Byline: Boonsong Kositchotethana
Nov. 5--Hong Kong-based Pioneer Global Group has bought the four-star Garden Beach Resort in Pattaya, a distressed asset in late 1990s, from the Orchid Fund group for 870 million baht.
The deal was seen by property analysts as one of the many transactions involving foreign acquisitions of hotel and resort properties in Thailand likely to take place over the next 12 months.
Kenneth Gaw, managing director of Pioneer Global Group, said the acquisition of the Garden Beach Resort reflects the firm's optimism of continued growth of the tourism market in Pattaya as well as Thailand as a whole.
The freehold ...
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Source: HighBeam Research, Hong Kong Group Buys Pattaya, Thailand, Resort.