IREIFS Partners re-opens Bangkok office

The private equity firm, which holds equity stakes in 83 hotels and resorts globally, closed its Bangkok office in 2005 due to political and economic concerns and moved to Singapore. It is now willing to consider investments in the country again and has earmarked $200 million for equity interests.

"With investment offices in Paris, London, Cyprus and Dubai, we have found that our investor clients as well as our private partners are seeking growth markets with stability, and Thailand offers this," said Pat Collins, regional director based in Singapore.

He added that although there have been problems in Thailand, the economy has quickly bounced back.

IREIFS will focus on high-end resorts considered on a par with its existing European, Middle East, New Zealand and Hawaiian assets. A luxury resort in Mae Rim, with a cash investment of THB750 million ($24 million), is already in the design phase. The project will be completed by April 2014.

"With the economic crisis in Europe and the USA, global travelers are looking more and more to Asia, we are talking middle- to high-end tourists who can communicate easily with modern technology and are not concerned with cost of travel and accommodation," Collins explained.

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