Absolute Group, a hotel management and development company, is investing in Phuket

PRLog (Press Release) - May 23, 2009 -
Absolute Group, a hotel management and development company, is investing 570 million baht to develop two projects on its own in Phuket, scheduled to open this year.
The properties are the 300-million-baht Absolute Bangla Suites, with 47 suites and seven penthouses in Soi Bangla, and the 270-million-baht Absolute Beach Resort at Nakalay, with 33 suites and penthouses on Patong Bay.

The company is also co-investing with the 'yoo' brand (Philippe Starck, Jade Jagger & Marcel Wanders)  http://www.yoo.com/devproperty.php?pid=79  which is seeking to expand in Asia, to develop a lake-side apartment building worth 1.75 billion baht in Phuket, due to open in 2011. The 256-room yooPhuket is scheduled to launch in September. yooPhuket is nestled on the edge of a serene lake and surrounded by three world class Golf Courses. A mixed-use development of 256 apartments offering outright freehold foreign ownership and to ensure the dream of a luxury Thai holiday home becomes a reality, a selection of these properties will be released through the developer’s acclaimed quarter-share co-ownership scheme. yooPhuket's target customers are foreigners as well as Thais who are looking for a good return on investment and want to live or stay in a high-end resort under an international brand.


Residents at yooPhuket will enjoy a range of shared facilities, including a 55m long infinity pool, high-end restaurant and poolside cafe, as well as a fully equipped gym and business centre. Tennis and squash courts are also planned.

Absolute Resort Management, the independently operating Absolute hospitality arm within the group, will manage the propert to the high standards associated with a yoo property.

Bryan Lunt, Absolute's CEO, said expanding during the crisis was a big challenge, however, he is still confident in Phuket's competitiveness, as the island is well-known worldwide even though the global downturn and local political instability have affected Thai tourism.

"Phuket is our main focus as we believe the market has a lot of growth potential in the medium to long term. We're also interested in Samui and Pattaya, which still have growth," he said. Absolute owns the luxury Absolute Signature Pool Villas in Jomtien and a Samui property is under construction.

Apart from its own investment, Absolute has long-term leased and will manage the 100-suite Absolute Sansabai Resort and Spa****, while its current portfolio includes the Absolute Chandara Resort and Spa Phuket***** , the 54-room Absolute Sea Pearl Resort**** and Spa in Patong and the 30-room Absolute Patong Ville Resort and Spa***.
The company has budgeted 200 million baht this year for operations, human resources and marketing for properties planned to open this year.

It is also expanding its vacation ownership business by having recently opened two new sales offices in Bangkok and will open another one in Teheran. The Middle East is expected to be a growing market and more offices are planned.
The company said Thai buyers of its Absolute Vacation Club were growing in number. It sold more than 100 memberships in the first month of operations.

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