lehman-books-thai-seaside-hotel

Lehman books Thai seaside hotel

Surf's up: distressed developer Natural Park makes a quick profit as Lehman throws a lifeline.

Simon Osborne

September 01, 2006

It was announced on thursday in Bangkok that the board of directors of Natural Park, a Thai property company, has authorized the sale of its Novotel Panwa Beach Resort Hotel to Lehman Brothers or its designee for $15 million. Natural Park bought the hotel in 2004 for $8 million.

Natural Park has been in a beleagured condition for several years as it strived to repay its external loans, and its survival seemed in question for a period.

Company executives said in a statement filed with the Thai stock market that the selling price of the asset is higher than the book value, which hopefully presages stronger financial stability.

Natural Park expects to alleviate its debt...

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Southeast Asia