Singha Estate Public Company buys 6-hotel Outrigger portfolio …
Thai property developer and investor Singha Estate Public Company has acquired six properties from Honolulu-based hotel chain and management company Outrigger Hotels and Resorts in a $310-million deal.
The portfolio purchase is part of Singha Estate’s expansion plan to enter high-yield tourist destinations worldwide. “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. 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,” said Naris Cheyklin, CEO of Singha Estate Public Company, in a statement.
The beachfront resorts, which have a total inventory of 859 guestrooms, operate in up-and-coming tourist destinations in Asia-Pacific, Oceania and the Indian Ocean with high growth potential. Outrigger will continue to manage these six properties:
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Outrigger Laguna Phuket Beach Resort and Outrigger Koh Samui Beach Resort both operate in Thailand. The Outrigger resort in Phuket is between a tropical lagoon and the Andaman Sea. Its sister property in Koh Samui has 52 suites and villas.
Fiji has two of its own Outrigger properties: Outrigger Fiji Beach Resort and Castaway Island. Outrigger Fiji Beach Resort is in a 40-acre tropical garden on Fiji’s Coral Coast. Outrigger’s Castaway Island is nearby in the center of Fiji’s Mamanuca Island group. The property is surrounded by the 174-acre island’s tropical rainforest, beaches, coral reefs and South Pacific waters.
Outrigger Mauritius Beach Resort is in the nature reserve of Bel Ombre in Mauritius in East Africa. The new property was developed on a 17th century plantation. The country’s second Outrigger resort—Outrigger Konotta Maldives Resort—is in the Gaafu Dhaalu Atoll near Kaadedhdhoo Airport.
The completion of the acquisition will increase Singha Estate’s S Hotels Resorts portfolio to a total of 4,644 guestrooms by the end of 2018. The portfolio will include 10 properties in global tourist destinations and a set of 29 properties across the UK.
Outrigger‘s current portfolio has 37 properties operating or in development with approximately 6,500 guestrooms in Hawaii, Fiji, Thailand, Guam, Mauritius and the Maldives. These operate under the Outrigger Resorts, Ohana Hotels by Outrigger and Hawaii Vacation Condos by Outrigger brands. Outrigger also manages properties under international hotel brands, including Embassy Suites, Best Western, Wyndham Vacation Ownership and Hilton Grand Vacations.