BANGKOK, 5 March 2018: Singha Estate Public Company, listed on the Stock Exchange of Thailand, announced last week it would purchase six Outrigger resort properties through a subsidiary company to be registered in Singapore.
Phuket-based C9 Hotelworks reported that it involves an outright purchase of six properties in four countries under the Outrigger brand, two of which are in Thailand.
Singha Estate’s announced the decision to purchase the Outrigger hotels in filing to the Stock Exchange of Thailand, 26 February.
The properties are: Outrigger Fiji Beach Resort, Fiji; Castaway Island, Fiji; Outrigger Laguna Phuket Beach Resort, Thailand; Outrigger Koh Samui Beach Resort, Thailand; Outrigger Mauritius Beach Resort, Mauritius; and Outrigger Konotta Maldives Resort, Maldives.
They are being purchased for USD 250 million (THB 7,909 million) from Outrigger Hotels Hawaii, a Hawaii limited partnership.
The total investment value will not exceed USD 350 million when a USD 100 million assumed debt is included.
Once the purchase is completed the hotels will come under S Hotels and Resorts (SC) Co Ltd, a subsidiary of Singha Estate Public Company.
According to C9 Hotelworks, a completion date for the sale has been set for June 2018.
As part of the purchase deal, management of the six properties will continue under the Outrigger Hotels and Resorts brand.
In 2016 Outrigger Hotels and Resorts was acquired by KSL Private Equity Partners (LLC) through an affiliate from the founders, Hawaii’s Kelley family.
(Source: SET and C9 Hotelworks)
