If I remember correctly, the same thing happened about a year ago, again in Thailand. A Four Points was scheduled to open in Phuket, a GM was hired but the project felt though.
Now, it seems that a Four Points will open in January 2014, but it might be a different property than the one announced earlier.

http://www.starwoodhotels.com/fourpo...ropertyID=3644

Wondering what happened with Suvarnabhumi - a project announced a long time ago.