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Thursday, April 26, 2012

TA Global acquires Movenpick’s Phuket property

KUALA LUMPUR: TA Global Bhd, the property arm of stockbroker TA Enterprise Bhd, has entered into a sale and purchase agreement with Kingdom Hotel Investments to acquire Movenpick Karon Beach Resort in Phuket, Thailand for RM276.93 million.

TA Global's board of directors said in an announcement to Bursa Malaysia that the freehold property comprises a four-star hotel with 175 guestrooms, 163 suites and villas and 30 beachfront two-bedroom apartments on 20.46 acres.

They said the acquisition would further enhance the company's hospitality operations in major cities around the world and expand the existing portfolio of hospitality properties into Thailand.

They added that the acquisition would provide steady revenue stream and enhance the revenue contribution from the hospitality division.

By The Star

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