PHUKET, 14 June, 2018: Singha Estate trading on Thailand’s stock exchange announced, Wednesday, the successful acquisition of six properties from Outrigger, a Honolulu-based hotel chain.
The USD 310 million acquisition is part of Singha Estate’s strategic investment to expand its presence in high-yield tourist destinations worldwide.
Singha Estate bought properties in Thailand, Fiji, Mauritius and the Maldives from Outrigger.
“Singha Estate’s vision aims to drive the business to become a ‘premier property development and investment holding company’ generating revenue of THB 20 billion by 2020,” said Singha Estate Public Company Limited chief executive officer Naris Cheyklin.
“We believe that this strategic investment and acquisition of Outrigger resorts in four countries will generate recurring income and further diversify the company’s profile and geographical risk,”
Outrigger will continue to manage the six properties. They are: Outrigger Laguna Phuket Beach Resort and Outrigger Koh Samui Beach Resort in Thailand; Outrigger Fiji Beach Resort and Castaway Island in Fiji, Outrigger Mauritius Beach Resort in Mauritius, and Outrigger Konotta Maldives Resort in the Maldives.
They represent a total of 859 rooms.
The completion of the acquisition will raise Singha Estate’s hospitality business portfolio to a total of 4,644 room keys by the end of 2018, with 10 properties worldwide and 29 properties in some of the finest locations across the United Kingdom.
Singha Estate operates a subsidiary, S Hotels & Resorts, headed by chief hospitality officer, Dirk De Cuyper.