THAILAND-Local developer Amburaya Resorts has partnered with Dubai-based Istithmar Hotels on a 70-unit hospitality project that will introduce the Starwood Hotels & Resorts W brand to this Asian Pacific country. Slated to open by the end of 2008, the W Hotel & Residences at Koh Samui will be funded and constructed by Amburaya and Istithmar in what represents their first joint undertaking.

“We wanted to bring world class financial and operational experience into this project and Istithmar Hotels was the obvious choice,” Amburaya managing director Sunny Bajaj says. “We expect this to be just the start of a long and expanding relationship.”

Istithmar Hotels CEO Joe Sita was equally optimistic, stating that the project “fits right into our portfolio of luxury hotel brands in key markets around the world. For Istithmar Hotels, it is the people with whom we work that make the difference, and Amburaya’s team [checked] all the boxes for us.” Sita continues, “We know this will be a successful project.” Along with 15 luxury villas on the hotel grounds that will be available for purchase, the main resort complex will include the 70 hotel rooms along with W’s signature lounge, restaurant, pool bar and spa.

W Hotels is a global lifestyle product with 21 properties located in select international cities. Its parent company touts W as the fastest growing luxury hotel brand in the world, providing innovative comfort, cultural and design elements in areas “from fashion to music to art and everything in between.” Sporting such flags as Sheraton, St. Regis and Westin, Starwood Hotels & Resorts Worldwide Inc. operates 850 hotels in 95 countries, with 145,000 employees. The publicly traded company is listed on the New York Stock Exchange under the HOT symbol.

Amburaya Properties is involved in a series of residential and commercial projects in such locales as Bangkok, Pattaya, Koh Samui and India. Istithmar calls Thailand “an important strategic market,” and managing director Richard Johnson said the company expects to make further deals in that country and throughout Asia in the coming months. Launched one year ago, Istithmar already has a portfolio valued at $3 billion, including holdings throughout Africa, Europe and North America. It recently announced the purchase of a 24.9% stake in leading Thai development firm Raimon Land Public Co. Ltd.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.