Thailand: Dusit Thani (DTC), one of Thailand’s biggest hotel and property development companies, has bought Elite Havens, a leading provider of high-end vacation rentals in Asia.
DTC made the acquisition through its wholly owned Hong Kong-incorporated subsidiary, Dusit Overseas Company Limited, which has bought all shares in LVM Holdings Pte Ltd. (LVMH), a Singapore-incorporated company and the ultimate holding company of Elite Havens, for approximately 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 CEO at DTC. “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.”
“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. And we are confident that our 70 years of experience in operating upper-upscale and luxury hotels will only enhance these operations further, allowing the dynamic Elite Havens team to leverage our own capabilities to continue providing exceptional services for luxury consumers, while simultaneously expanding the brand’s reach in more dream destinations throughout Asia and other key regions,” she added.
Jon Stonham, CEO 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.”
Following its strategy for balance, diversification and expansion, DTC 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 startup offering condos and villas for rent in Thailand’s top destinations, and in April this year DTC announced it would also enter the affordable lifestyle segment with the launch of ASAI Hotels.