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Emboodhoo developers enter deal to buy Outrigger properties

The developers of Emboodhoo - first integrated resort project in Maldives - has decided to acquire Outrigger Konnotta Maldives Resort along with five other global resort outlets under the Outrigger brand.

Thailand originated Singha Estate has released a press statement confirming that the deal includes five other Outrigger properties including Koh Samui Thailand, Phuket, Mauritius and Fiji.

"The portfolio outside of Phuket is Outrigger Konotta Maldives Resort 53-keys, Outrigger Koh Samui Beach Resort 52-keys, Outrigger Mauritius Beach Resort 181-keys, Outrigger Fiji Beach Resort 253-keys and Castaway island 65-keys," The Phuket News wrote quoting Bill Barnett of consultancy C9 Hotelworks.

The asset purchase of the six Outrigger properties will be carried out by the Singha Estate's subsidiary act S Hotels and Resorts Co. Ltd.

The statement further read "consideration under the purchase in documents filed with the Stock Exchange of Thailand (SET) note that the total value of the deal not exceed USD350 million, which covers debt and equity. (i.e, asset purchase of USD250 million and assumed debt up to USD100 million)."

Outrigger Konotta Maldives is run by the US-based KSL Capital Partners.