According to documents filed with the Stock Exchange of Thailand, assets of the resort, which sits atop the spine of Cape Panwa, include 38 hotel units and seven serviced apartments which have been valued at a total of B1.9 billion.
Two guarantees will be placed within the property fund going forward, which will be backed up by Bangkok property company Charn Issara Development, which built Sri Panwa.
Mr Barnett notes, “It is understood the group has plans for a hotel property in Hua Hin.”
Property funds continue to be favoured by Thai developers, despite the availability of real estate investment trusts, or REITs.
Other hospitality players who have established property funds recently include Erawan and Dusit.