Thailand-based Dusit Thani Public Company (DTC) has expanded into the high-end vacation rental market through the full acquisition of Elite Havens.
DTC made the acquisition through its wholly owned Hong Kong-incorporated subsidiary, Dusit Overseas Company, which has bought all shares in LVM Holdings (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, DTC.
The purchase of Elite Havens will help DTC extend beyond the midscale to luxury segments it currently serves with its brands, and into the luxury villa rental category, Suphajee added.
As part of its strategy for balance, diversification and expansion, DTC has been actively enhancing its operations with investments in new market segments.
The Thai hospitality company forayed 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 announced it would also enter the affordable lifestyle segment with the launch of Asai Hotels.