Real estate investment company TriO Capital has acquired Hilton Garden Inn Phuket Bang Tao in Thailand, for an undisclosed amount.

This move represents the investment company’s foray into the country, where it aims to tap the tourism growth with a rebound in visitor traffic.

Specialising in the acquisition, development, and management of premium hospitality assets, TriO Capital manages a portfolio that includes the Ovolo Hotels and Mamaka brands.

TriO Capital managing director Tim Alpe said: “We are excited to be entering the Phuket market at a time of growth and resurgence in visitor numbers. There are a number of strategic initiatives available to further enhance the asset with the introduction of premium room categories, wellness facilities, an activated rooftop, and an overhauled food and beverage programme to cater to a more diverse clientele.

“With the ongoing development and planning of key infrastructure developments on the island, Phuket is poised for additional growth, and the Bang Tao area has an identified gap in its accommodation offerings which we’ll be positioning the enhancement works to take advantage of.”

Hilton Garden Inn Phuket Bang Tao was opened in 2021 and features 177 guest rooms, fitness amenities, and two rooftop pools.

The property also offers dining options comprising The Garden Grille and Bar and The Pool Bar.

TriO Capital intends to initiate a design and development programme, under a franchise agreement with Hilton, to elevate the hotel's market position.

These upgrades are scheduled to begin following the peak season of 2024-2025.

Last month, Hilton announced its entry into the Guyanese market with the signing of Hilton Georgetown and DoubleTree Suites by Hilton Georgetown.