LAGUNA Hotels & Resorts (LHR), the joint owning company of Laguna Beach Resort, is selling its shareholding in the hotel for 723.6 million baht (US$23.6 million) to Laguna Phuket Club, the Thai company controlled by Real Estate Equity Partners (RECAP), an Asian-focused private equity fund.

LHR's joint venture partner in the hotel is also selling the remaining shares to Laguna Phuket Club, giving RECAP full ownership of the 252-room deluxe beachfront property. Completion of the deal is expected in May.

The operations of Laguna Beach Resort and the Laguna Phuket integrated resort complex will be unaffected by the change of ownership.

RECAP, headed by chairman Suchad Chiaranussati, acquired the Jungceylon shopping complex and hotel in Phuket in 2006 and invested in Bangkok’s four-tower Millennium Residence development.

Six months ago, LHR also sold the Dusit Thani Laguna Phuket to Dusit Thani for 2.62 billion baht. Both transactions are in line with its publicly-disclosed strategy of divesting part of its interests in Thailand, enabling focus on emerging opportunities elsewhere in Asia.

LHR also recently picked Banyan Tree Hotels & Resorts to manage the current Sheraton Grande Laguna Phuket effective June 30. The property will undergo a five-month 500 million baht refurbishment and re-open in December as the Angsana Laguna Phuket.