Dusit Thani Plc (DTC), one of Thailand's leading hotel and property development companies, has expanded into the high-end vacation rental market through the full acquisition of Elite Havens, an Asian company, worth US$15 million (493 million baht).
DTC, through its wholly owned Hong Kong-incorporated subsidiary, Dusit Overseas Co, has bought all shares in LVM Holdings Pte (LVMH), a Singapore-incorporated company and the ultimate holding company of Elite Havens.
Established in 1998, LVMH directly and indirectly holds shares in nine companies in Southeast Asian countries. It performs integrated marketing, reservations, concierge and management services for luxury villas and maintains a network of more than 200 fully staffed properties across Indonesia, Thailand, Sri Lanka, and the Maldives.
DTC's acquisition of Elite Havens follows the company's three-pronged strategy for sustainable and profitable growth, which includes balance, diversification, and expansion, particularly into new market segments, which will enhance DTC's capacity to provide integrated services and drive revenue growth.
"Our investment in Elite Havens marks another important milestone in our strategic journey, particularly our expansion plan, which includes doubling our number of hotels in operation and providing broadened experiences for our customers," said Suphajee Suthumpun, group chief executive of DTC.
"Our brand line-up covers the midscale through to luxury hotel segments. With the addition of Elite Havens, we are delighted to cover the luxury villa rental segment too.
"While the integrated luxury villa management business is new to us, Elite Havens has an impressive track record in this segment, successfully expanding from a small enterprise to the leading company of its kind in Asia.
"We are confident our 70 years of experience in operating upscale and luxury hotels will only enhance these operations, allowing the Elite Havens team to leverage our own capabilities to continue providing exceptional services for luxury consumers while expanding the brand's reach in more dream destinations throughout Asia and other key regions."
Jon Stonham, chief executive of 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."
DTC has been enhancing its operations with investments in new market segments.
Last year it announced an investment in Favstay, a Thai hospitality startup offering condos and villas for rent in Thailand's top destinations, and in April this year the company announced it would enter the affordable lifestyle segment with the launch of Asai Hotels.
A new brand designed to link millennial travellers with authentic local experiences in vibrant cities and resort destinations worldwide, Asai Hotels has five properties in the pipeline across Thailand, Myanmar and the Philippines.