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 including the one in the Maldives.
As a part of the USD310 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.
The acquisition is part of a strategic approach to enter and expand upon high-yield visitor destinations around the globe for Singha.
“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,” Naris Cheyklin, Chief Executive Officer, Singha Estate Public Company Limited was quoted by tourism websites.
“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.
The Thai firm are also developers of Emboodhoo - first integrated resort project in Maldives.
The first three islands developed under phase one of the project is estimated to inject approximately USD 311.5 million as investment. It is reported that a total of 1,300 rooms will be developed at multiple venues across the resort islands.
