ONYX secures LH Bank financing for EQ Phuket luxury hotel project

ONYX Hospitality Group said on May 11 it had signed a financing agreement with LH Bank to advance the EQ Phuket luxury hotel project in Phuket, with the signing ceremony held on May 7 at Oriental Residence Bangkok. The bank is providing Bt1.8 billion in funding, supporting a development with a total investment of about Bt2.8 billion that is scheduled to open in the second quarter of 2028.

The agreement was signed by ONYX CEO Yuthachai Charanachitta, Equatorial Group CEO Donald Lim and LH Bank CEO and Managing Director Shih Jiing-Fuh. Officials described the deal as a strategic partnership linking the developer, hotel operator and lender as the project moves into full development.

Kata beachfront site planned with 170 rooms and villas

EQ Phuket is planned for the northern end of Kata Beach on a site of about 32 rai. The project will have about 170 keys, made up of 11 pool villas, 27 suites and 132 standard rooms.

Planned facilities include an all-day dining restaurant, a pool bar, two swimming pools, a kids club, spa, fitness center and large function space. The beachfront zone is also slated for a beach club and a sports and lifestyle hub.

Project builds on earlier joint venture and luxury market growth

ONYX and Equatorial Group previously signed their formal joint venture agreement on Nov. 18, 2024, laying the groundwork for the Phuket development. Lim said the project would bring the EQ brand into Thailand after the first EQ hotel opened in Kuala Lumpur in 2019.

He said that property was ranked No. 22 in Travel + Leisure’s Top 100 Hotels in the World for 2025. The companies cited stronger demand in the upper-end resort segment, with average occupancy in Phuket rising to 69% and average daily room rates increasing from Bt4,717 in 2023 to Bt5,241 in 2024.

Source: https://www.ryt9.com/s/prg/12813066