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Singha Estate enters B11bn deal to buy Outrigger hotels, including Outrigger Phuket

PHUKET: Thai-listed group Singha Estate has entered into an agreement to purchase the 255-room Outrigger Laguna Phuket Beach Resort through affiliated entities, reports Bill Barnett of consultancy C9 Hotelworks.

transporteconomics
By The Phuket News

Sunday 4 March 2018, 02:19PM


The Outrigger Laguna Phuket Beach Resort is one of the six Outrigger-flagged resorts to be bought under the deal. Photo: Outrigger

The Outrigger Laguna Phuket Beach Resort is one of the six Outrigger-flagged resorts to be bought under the deal. Photo: Outrigger

The deal includes five other Outrigger flagged properties in Koh Samui Thailand, Maldives, Mauritius and Fiji, (See report here.)

“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,” noted Mr Barnett.

Subject to closing the asset purchase for the six hotels will be though Singha subsidiary S Hotels and Resorts (SC) Co. Ltd.

Consideration under the purchase in documents filed with the Stock Exchange of Thailand (SET) note that the total value of the deal not exceed US$350 million (more than B11 billion), which covers debt and equity, he added.

The news follows Hawaiian-based hospitality group Outrigger Hotels and Resorts through an affiliate have entered into a acquisition agreement with US-based KSL Capital Partners in 2016.

That sales and purchase agreement covered all 37 Outrigger properties, including the Asian and Indian Ocean portfolio in Thailand, Maldives and Mauritius, and the Outrigger Laguna Phuket Beach Resort in Cherng Talay, on Phuket’s west coast. (See story here.)

 

 

 

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