May 12, 2026
PHUKET, THAILAND – ONYX Hospitality Group, a prominent player in the Asia-Pacific hospitality sector specializing in luxury hotels, resorts, and serviced residences, has achieved a significant milestone in the development of its upcoming luxury hotel, “EQ Phuket”. The company has formalized a financial partnership with LH Bank to facilitate the project’s advancement and ensure construction progresses according to schedule.
The agreement was officially signed on May 7, 2026, at Oriental Residence Bangkok during a ceremony attended by key executives from all involved parties, including Mr. Yuthachai Charanachitta, Chief Executive Officer of ONYX Hospitality Group; Mr. Donald Lim, Chief Executive Officer of Equatorial Group; and Mr. Shih Jiing-Fuh, President and Chief Executive Officer of LH Bank. This event underscores the collaborative effort between the hotel management firm, the project developer, and the financial institution.
Mr. Yuthachai Charanachitta stated, “EQ Phuket represents a pivotal moment in ONYX Hospitality Group’s strategy to grow its luxury resort portfolio. We recognize the strong long-term potential in the Phuket market and believe that partnering with robust developers and financial institutions will drive the project toward successful completion, creating lasting value for all stakeholders involved.”
Beyond being just a luxury hotel, EQ Phuket aligns with ONYX Hospitality Group’s broader growth strategy, aiming to enhance its offerings in the upper-upscale and luxury resort sectors across the region. The hotel is projected to open in the second quarter of 2028 and is integral to the Group’s long-term expansion plans.
Mr. Donald Lim remarked, “We are thrilled to collaborate on this project, which will introduce our EQ brand to one of the globe’s premier tourist spots. Our first EQ hotel in Kuala Lumpur, launched in 2019, quickly became a landmark, showcasing elegant design and outstanding hospitality. The brand has received international acclaim, including being listed as No. 22 in Travel + Leisure magazine’s Top 100 Hotels in the World in 2025. We are excited to partner with ONYX to bring EQ to Thailand.”
According to Mr. Shih Jiing-Fuh, “LH Bank is providing a loan facility of THB 1,800 million to support the EQ Phuket project, located on Kata Beach. We believe that Phuket remains a top global tourist destination, and this project will significantly boost the island’s tourism appeal, enhancing Thailand’s competitive edge in the international tourism market.”
This signing signifies another major step for the EQ Phuket initiative, following the joint venture agreement established between ONYX Hospitality Group and Equatorial Group on November 18, 2024. The project entails an overall investment of approximately THB 2.8 billion. The financial backing gained through this loan agreement reflects confidence in the project’s potential as well as the ongoing growth of Phuket’s luxury tourism sector.
Phuket continues to attract high-spending tourists from Europe, the Middle East, and the Asia-Pacific, particularly in the upper-upscale and luxury market, which is experiencing robust growth. This trend is evident, as the island’s average hotel occupancy rate has risen to 69%, with the average daily room rate increasing from THB 4,717 in 2023 to THB 5,241 in 2024.
Additionally, the diversity of Phuket’s international visitor demographics has grown, with Chinese tourists remaining the largest group, while notable increases in arrivals from Russia and India have been observed. The resurgence of long-haul travel and the demand for high-quality leisure experiences in unique destinations continue to make Phuket an attractive market for luxury resort developments.
Located on a beachfront site in the northern area of Kata Beach, EQ Phuket will span approximately 32 rai of land, featuring around 170 accommodations, including 11 pool villas, 27 suites, and 132 standard guest rooms. Luxury amenities will comprise an all-day dining restaurant, a pool bar, two swimming pools, a kids club, a spa, a fitness center, and extensive event and banquet facilities. Plans for the beachfront area include a beach club and a sports and lifestyle hub, enriching the luxury resort experience and providing a comprehensive array of leisure options.
The EQ Phuket project is designed to cater to upscale travelers seeking a premium hospitality experience in an exclusive beachfront location.
For further information about ONYX Hospitality Group, please visit: www.onyx-hospitality.com
Source: Asia News Network
