ONYX to invest B5.5 billion, move 3 hotels into trust fundraising

ONYX Hospitality Group said on May 12 it will invest B5.5 billion over the next three years to expand its hotel and serviced apartment portfolio, while placing three flagship properties including OZO Phuket into a real estate investment trust. The plan includes growth in Phuket through the company’s core Amari, OZO and Shama brands, with a target to increase properties under management from 49 to more than 75 by 2030.

Phuket project anchors expansion pipeline

Among the projects under development is EQ Phuket, a 33-rai scheme at Kata Beach with an investment value of about B2.8 billion. The company said the brand has been well received in Malaysia and is positioned to serve the upper-end segment, which it sees continuing to grow in Phuket.

Other 2026 openings named by the company are Shama Sukhumvit 101 Bangkok, Shama Medini and Y Hotel Nanshan Shenzhen Inspire by OZO. Additional projects in the pipeline include Shama Rayong, Shama Hub Ladprao Bangkok, Shama North Pattaya and Amari Resort & Villas Samui.

Shama North Pattaya is budgeted at about B700 million to B750 million and will focus on the long-stay market.

Trust launch and renovations form asset strategy

ONYX said it will push Amari Bangkok, OZO Phuket and OZO Samui into ONYXRT, its property investment trust, and plans to begin a roadshow in June. The company expects the fundraising to bring in about B4 billion to B4.2 billion on the Stock Exchange of Thailand.

Chief executive Yuthachai Charanachitta said the timing suits a period of lower interest rates and improving investor confidence. He also said the company is directing most of its investment budget toward upgrading existing assets as competition intensifies in the upper-midscale and upscale hotel segments.

One key renovation project is a major overhaul of Amari Phuket aimed at lifting long-term competitiveness and asset value.

Source: https://www.prachachat.net/tourism/news-2005076