Onyx, LH Bank back new luxury EQ Phuket hotel at Kata Beach

Onyx Hospitality Group said on May 11 it had signed a financing agreement with LH Bank for the EQ Phuket project, a new luxury hotel in Phuket planned for Kata Beach. The company said the deal keeps development on schedule, with the hotel expected to open in the second quarter of 2028.

Financing, investment and project scale

LH Bank is providing Bt1.8 billion in financing for the project, while total investment is put at about Bt2.8 billion. The latest signing follows a formal joint-venture agreement between Onyx Hospitality Group and Equatorial Group on Nov 18, 2024.

EQ Phuket will be built on about 32 rai on the northern beachfront section of Kata Beach. Plans call for about 170 keys, including 11 pool villas, 27 suites and 132 standard rooms.

The project will also include an all-day dining restaurant, a pool bar, two swimming pools, a kids club, spa, fitness centre and large event space. Beachfront areas are planned for a beach club and a sports and lifestyle hub.

Equatorial Group said the Phuket project will bring the EQ brand into Thailand after the first EQ hotel opened in Kuala Lumpur in 2019. Travel + Leisure ranked that property No. 22 in its Top 100 Hotels in the World list for 2025.

The report also cited continued strength in Phuket’s upscale resort market, with average occupancy rising to 69% and average daily room rates increasing from Bt4,717 in 2023 to Bt5,241 in 2024.

Source: https://www.thaipost.net/economy-news/994369/