Dusit Thani has expanded into the high-end vacation rental market through the full acquisition of Elite Havens, a provider of holiday lets in Asia.
Dusit made the acquisition through its wholly owned Hong Kong-incorporated subsidiary, Dusit Overseas Company, which has bought all shares in LVM Holdings, a Singapore-incorporated company and the ultimate holding company of Elite Havens.
The deal is valued at US$15 million.
Established in 1998, LVMH directly and indirectly holds shares in nine companies in south-east Asian countries.
The largest company of its kind in Asia, it performs integrated marketing, reservations, concierge and management services for luxury villas and currently maintains a network of more than 200 fully staffed properties across Indonesia, Thailand, Sri Lanka, and the Maldives.
“Our investment in Elite Havens marks another important milestone in our strategic journey, particularly our two-pronged plan for expansion, which includes doubling our number of hotels in operation, and providing broadened experiences for our customers.” said Suphajee Suthumpun, group chief executive, Dusti Thani.
“Our current brand line up covers the midscale through to luxury hotel segments.
“Now, with the addition of Elite Havens, we are delighted to cover the luxury villa rental segment too.
Following its strategy for balance, diversification and expansion, Dusit has been actively enhancing its operations with investments in new market segments.
The company made moves into the shared economy last year with an investment in Favstay, a Thai hospitality start-up offering condos and villas for rent in Thailand’s top destinations, and in April this year Dusit announced it would also enter the affordable lifestyle segment with the launch of ASAI Hotels.
Jon Stonham, chief executive, Elite Havens, said: “With our strong focus on people and exceeding expectations with our services, Elite Havens shares the same values as Dusit, so there is already a strong synergy for us to build on.
“We look forward to a very bright future of sustainable and profitable growth as we expand our operations as part of the Dusit family.”