Singha Estate Public Company Limited, a Thai property development company, has announced that it has acquired six international resort properties from Honolulu-based Outrigger Hotels & Resorts.
As a part of the USD $310 million acquisition, Outrigger will continue to manage the six properties, all located outside of Hawaii, which include 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 Republic of Maldives.
"With Singha Estate's esteemed reputation as outstanding stewards of the properties and places in which it invests, Outrigger has full confidence that its premier resorts will continue in exceptional care," said Jeff Wagoner, President and CEO, Outrigger Hotels and Resorts. "This asset sale and strategic partnership now provide new capital for further expansion while retaining Outrigger's brand presence and management of world-class properties."
After the sale, Outrigger's remaining portfolio consists of its core Hawaiian properties as well as one international resort in Guam. Speaking with TravelPulse, Monica Salter, VP of Corporate Communications for Outrigger, said that Hawaii continues to be a core market for the hotel company.
"For example, we're now reinvesting $30 million into Waikiki Beachcomber by Outrigger to modernize the property-a project slated for full completion in early December 2018," said Salter.
However, Outrigger is also "interested in growing the iconic brand in resort destinations, either through management contracts or acquisitions." Specific locations have not yet been identified.
Outrigger currently operates and/or has in development 37 properties with approximately 6,500 rooms
For Singha Estate, the acquisition is part of a strategic approach to enter and expand upon high-yield visitor destinations around the globe.
"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 Naris Cheyklin, Chief Executive Officer, Singha Estate Public Company Limited. "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."
Collectively the six properties, which will be operated by Singha Estate subsidiary S Hotels & Resorts, represent 859 room keys in Asia-Pacific, Oceania and the Indian Ocean. It brings the company's portfolio to a total of 4,644 room keys and more than doubles its inventory of resort properties.
"These newly added six properties will further elevate the portfolio of S Hotels & Resorts to a new level," Dirk De Cuyper, Chief Hospitality Officer, S Hotels & Resorts, a subsidiary of Singha Estate PCL. "Our guests can truly relax, play, work, and enjoy a unique experience in quality settings around the world."
Singha Estate also owns Jupiter Hotels, a group of 29 properties across the United Kingdom.
For the latest travel news, updates and deals, subscribe to the daily TravelPulse newsletter.
Topics From This Article to Explore
