Singha Estate, the developers of the highly anticipated Emboodhoo Lagoon project in the Maldives has announced it will buy six hotels across four countries from Hawaii-based Outrigger Hotels for US$ 250 million.
These properties are namely Outrigger Fiji Beach Resort and Castaway Island in Fiji; Outrigger Laguna Phuket Beach Resort and Outrigger Koh Samui Beach Resort in Thailand; Outrigger Mauritius Beach Resort; and Outrigger Konotta Maldives Resort.
Subject to closing the asset purchase for the six hotels will be though Singha subsidiary S Hotels and Resorts (SC) Co. Ltd.
According to Singha Estate, this investment is outlined as part of Singha Estates strategy to invest in hotels and resorts in prime tourist destinations and diversify the companys geographic risk.
Furthermore the company also states that the existing management structure of outrigger will remain, though the group recently underwent corporate downsizing in Asia and the total value of the deal will not exceed USD 350 million, which includes asset purchase valued at USD 250 million and assumed debt of up to USD 100 million.
Last October chairman of Singha Estate revealed that the company was aiming to increase overseas revenue to 30 percent of the total from the current 20 percent.
As Singha Estate acquires the six resorts of Outrigger, it is also getting ready to launch of the first phase of the Emboodhoo Lagoon project which consists of a USD 311.5 million investment that is expected to stimulate tourism, offering vacationers a rich combination of world-class offerings such as hotels, entertainment, retail and fine dining.
Singha Estate Public Company Limited, together with its subsidiaries, develops and invests in real estate for rental and sale in Thailand and internationally.
The company engages in the hospitality and related business such as selling land, single detached houses and condominium units while also offering hotel management services and investing in other companies.
The company was formerly known as Rasa Property Development Public Company Limited and changed its name to Singha Estate Public Company Limited in September 2014. Singha Estate Public Company Limited was founded in 1995 and is headquartered in Bangkok, Thailand.
Please login to Comment