ONYX Hospitality Group and Equatorial Group signed a financial support agreement with LH Bank on May 7, 2026, securing a THB 1.8 billion loan facility toward the THB 2.8 billion total development cost of EQ Phuket, a beachfront luxury resort on Kata Beach. The project, representing the EQ brand’s first entry into Thailand, is targeted to open in the second quarter of 2028.
Key Facts At A Glance
- Signing ceremony: May 7, 2026, at Oriental Residence Bangkok
- Signatories: Yuthachai Charanachitta, CEO of ONYX Hospitality Group; Donald Lim, CEO of Equatorial Group; Shih Jiing-Fuh, President and CEO of LH Bank
- Loan facility extended by LH Bank: THB 1.8 billion
- Total project investment value: approximately THB 2.8 billion
- Site: beachfront location on Kata Beach, Phuket, covering approximately 32 rai of land
- Planned capacity: approximately 170 keys, comprising 11 pool villas, 27 suites, and 132 standard guest rooms
- Target opening: Q2 2028
- Phuket average hotel occupancy rate: 69%; average daily room rate rose from THB 4,717 in 2023 to THB 5,241 in 2024
- EQ brand background: Equatorial Group’s flagship EQ Kuala Lumpur was ranked No. 22 on Travel + Leisure’s Top 100 Hotels in the World list in 2025
A THB 1.8 billion loan facility signed in Bangkok on May 7, 2026 has moved EQ Phuket from a joint venture agreement into active development financing, bringing one of the region’s more closely watched luxury resort projects into its full construction phase.
ONYX Hospitality Group, the Bangkok-headquartered hospitality management company behind the Amari, OZO, Shama, and Oriental Residence brands, signed the financial support agreement with LH Bank alongside its development partner Equatorial Group. The signing took place at Oriental Residence Bangkok, with the chief executives of all three organizations present. The loan facility of THB 1.8 billion forms part of a total project investment of approximately THB 2.8 billion, a figure that has been publicly confirmed by all three parties.
The EQ Brand In Thailand
EQ Phuket will mark the first appearance of Equatorial Group’s EQ brand outside Malaysia. The brand’s only existing property, EQ Kuala Lumpur, opened in 2019 and was ranked No. 22 on Travel + Leisure magazine’s Top 100 Hotels in the World list in 2025. Donald Lim, Chief Executive Officer of Equatorial Group, described Phuket as “one of the world’s foremost tourist destinations” and cited the Kuala Lumpur property’s rapid establishment as a city landmark as evidence of the brand’s positioning potential in a new market.
ONYX Hospitality Group CEO Yuthachai Charanachitta framed the project as a strategic portfolio expansion into the upper-upscale and luxury resort segment, a tier the company has identified as a long-term growth priority across the Asia-Pacific region.
Project Specifications
EQ Phuket will occupy a beachfront site in the northern area of Kata Beach, covering approximately 32 rai of land. The resort is planned at approximately 170 keys, configured as 11 pool villas, 27 suites, and 132 standard guest rooms. Facilities will include an all-day dining restaurant, pool bar, two swimming pools, a kids club, spa, fitness centre, and large-scale event and banquet spaces. The beachfront area is designated for development into a beach club and sports-and-lifestyle hub.
Phuket Market Context
Shih Jiing-Fuh, President and CEO of LH Bank, confirmed the bank’s confidence in the project’s long-term viability, citing Phuket’s continued standing as a premier global tourist destination. Available market data supports that position. Phuket’s average hotel occupancy rate has reached 69%, while its average daily room rate climbed from THB 4,717 in 2023 to THB 5,241 in 2024. The island’s visitor base has diversified, with Chinese travelers representing the largest segment alongside significant growth from Russia and India, supplemented by recovering long-haul demand from Europe, the Middle East, and Australia.
The May 7 financing agreement follows the original joint venture agreement signed between ONYX Hospitality Group and Equatorial Group on November 18, 2024, and constitutes the second major milestone in the project’s development timeline ahead of a Q2 2028 opening.