Laguna Resorts and Hotels in Phuket, Thailand has sold the Dusit Thani Laguna Phuket Hotel on its property for THB2.6 billion (US$81.3 million). The buyer is the Dusit Thani Ltd.

The Dusit Thani Laguna Phuket is a 226-room 5-star luxury hotel on six contiguous land plots totaling 33.66 rai. Facilities include six restaurants, four conference rooms, a business centre, spa, swimming pool, and fitness centre.

In details released to the Stock Exchange of Thailand, Laguna Resorts and Hotels (LRH) revealed that it planned to use the proceeds from the sale to invest in a property outside of Thailand, repay bank loans, and/or pay dividends. The overseas investment is aimed at reducing the amount of interest LRH has in Phuket which currently forms the majority of its income. In 2009, 82% of LRH’s revenue came from its operations in Phuket.

“The global financial crisis which started in 2008 and the ensuing global recession severely impacted the tourism and hotel industry in Thailand as a whole and LRH’s hotels and other tourism related businesses in Laguna Phuket were not spared,” said an information memorandum from LRH directors Michael Ramon Ayling and Stuart David Reading to the president of the Stock Exchange of Thailand.

The sale must still be approved by LRH’s shareholders at a meeting that will take place September 29, 2010. If that happens the transaction is expected to be completed on November 30, 2010 and no later than December 30, 2010.

Jones Lang Lasalle Thailand was appointed the exclusive property advisor and marketing agent for the disposition.