Absolute Group, a hotel management and development company, is investing 570 million baht to develop two properties in Phuket.

The first property is Absolute Bangla Sites, which will consist of 47 suites and seven penthouse suites in Soi Bangla. The other property is Absolute Beach Resort which will have 33 suites and penthouses along Nakalay. Bothe hotels are scheduled to open this year.

Absolute is also co-investing with the “yoo” brand, which is expanding in Asia with a new lakeside apartment building in Phuket. The site is due to open in 2011.

The 256-room yooPhuket is located near the Red Mountain golf course and is scheduled to open in September. Absolute will manage the property.

“Phuket is our main focus as we believe the market has a lot of growth potential in the medium to long term,” said Bryan Lunt, chairman of Absolute. “We’re also interested in Samui and Pattaya, which still have growth.”
Lunt says that the company is looking to capitalize on the island’s well known stature.

yooPhuket is aiming for foreigners and Thais, who are looking for good return investments and those who just want a high-end luxury experience. Lunt forecasts an 85 percent occupancy rate within the property’s first year.
 
Absolute will also be managing two more resorts: Absolute Chandara Resort and Spa and Absolute Patong Villa Resort and Spa.