ONYX Hospitality Group Partners with LH Bank to Advance Development of EQ Phuket , a New Luxury Hotel in Phuket

(Left: Mr. Shih Jiing-Fuh, Middle: Mr. Yuthachai Charanachitta, Right: Mr. Donald Lim)

The signing ceremony took place on 7 May 2026 at Oriental Residence Bangkok. The agreement was signed by 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, in the presence of senior executives from all three organisations. The ceremony reflects the strategic collaboration between the project developer, hotel management company and financial institution in advancing the project into its full development phase.

Mr. Yuthachai Charanachitta, Chief Executive Officer of ONYX Hospitality Group, said, "EQ Phuket marks an important step in ONYX Hospitality Group's strategy to expand its portfolio of luxury resorts. We see strong long-term potential in the Phuket market, and we are confident that this collaboration with strong partners in both development and finance will help drive the project towards successful completion in line with our plans, while creating long-term value for all stakeholders."

More than simply a new luxury hotel, EQ Phuket also represents a strategic initiative reflecting ONYX Hospitality Group's long-term growth strategy. The development aims to strengthen the Group's portfolio within the upper-upscale and luxury resort segment across the region. The project is expected to open in the second quarter of 2028 and will play an important role in supporting the Group's long-term growth.

Mr. Donald Lim, Chief Executive Officer of Equatorial Group,said, "We are delighted to be working on this project, which brings our EQ brand to one of the world's foremost tourist destinations. In 2019, the opening of our first EQ hotel in Kuala Lumpur re-energized the industry by quickly establishing itself as a landmark in the city. As a boutique brand, the combination of its elegance and chic aesthetics with exceptional warmth and hospitality was incredibly well-received. EQ continues to garner international recognition: for example in 2025, was named in Travel + Leisure magazine's list of Top 100 Hotels in the World, placing at No. 22. We are incredibly excited to be working with ONYX Hospitality Group to introduce our EQ brand to Thailand."

Mr. Shih Jiing-Fuh, President and Chief Executive Officer of LH Bank, revealed, "The bank has extended the loan facility of Baht 1,800 million to support the development of the EQ Phuket project, a luxury hotel located on Kata Beach, Phuket. LH Bank believes Phuket continues to stand as one of the world's premier tourist destinations. We are confident that the EQ Phuket project will further enhance the island's tourism potential and strengthen Thailand's competitiveness in the global tourism market."

This signing marks another significant milestone for the project following the joint venture agreement signed between ONYX Hospitality Group and Equatorial Group on 18 November 2024 to jointly develop the project. The development has a total investment value of approximately THB 2.8 billion. The financial support secured through this loan agreement reflects the confidence of the financial sector in the project's potential, as well as in the continued growth of Phuket's luxury tourism market.

Phuket remains one of the region's leading destinations for high-spending travellers from Europe, the Middle East and the Asia-Pacific region, particularly within the upper-upscale and luxury resort segment, which continues to see strong growth potential. This is reflected in the island's average hotel occupancy rate, which has increased to 69%, while the average daily room rate (ADR) rose from THB 4,717 in 2023 to THB 5,241 in 2024.

At the same time, the structure of Phuket's international visitor mix has become increasingly diversified. Chinese travellers continue to represent the largest visitor segment, while arrivals from Russia and India have increased significantly. Combined with the continued recovery of long-haul travel and growing demand for high-quality leisure experiences in distinctive destinations, Phuket remains a highly attractive market for long-term luxury resort development.

The EQ Phuket project will be located on a beachfront site in the northern area of Kata Beach, Phuket, covering approximately 32 rai of land. The resort will feature approximately 170 keys, comprising 11 pool villas, 27 suites and 132 standard guest rooms.

Luxury facilities will include an all-day dining restaurant, pool bar, two swimming pools, kids club, spa, fitness centre and large-scale event and banquet spaces. The beachfront area is planned to be developed into a beach club and sports and lifestyle hub, further enhancing the luxury resort experience and offering a comprehensive range of leisure facilities.

The project is designed to cater to high-end travellers seeking a premium hospitality experience in a distinctive and private beachfront location.

For more information about ONYX Hospitality Group, please visit: www.onyx-hospitality.com

https://www.linkedin.com/company/onyx-hospitality-group/https://www.facebook.com/ONYXHospitalityGrouphttps://www.instagram.com/onyxhospitalitygroup/

Hashtag: #ONYXHospitalityGroup #HospitalityIndustry #AsiaPacificTravel

The issuer is solely responsible for the content of this announcement.