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Six Outrigger properties acquired by Singha Estate

Thai property developers, Singha Estate Public Company Limited, have announced the successful acquisition of six properties from Honolulu-based hotel chain and management company Outrigger for US$310 million.

The Outrigger properties included in the sale 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 Republic of Maldives; with Outrigger to continue managing the properties.

Commenting on the asset purchase, Singha Estate Chief Executive Officer Naris Cheyklin said:“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.”

“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. 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,” said Jeff Wagoner, President and CEO, Outrigger Hotels and Resorts.

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 distinctive properties catered to visitors in global tourist destinations and a collection of 29 properties in some of the finest locations across the United Kingdom.

Dirk De Cuyper, Chief Hospitality Officer, S Hotels & Resorts, a subsidiary of Singha Estate PCL, concluded, “These newly added six properties will further elevate the portfolio of S Hotels & Resorts to a new level. Our guests can truly relax, play, work, and enjoy a unique experience in quality settings around the world”.

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