Business Tourism

Singha Estate enters deal to buy Outrigger hotels, including Outrigger Konotta Maldives

Singha Estate, the property developer of Embudu Lagoon, announced that the company will buy six hotels across four countries from Hawaii-based Outrigger Hotels for US$250 million.

The deal includes Outrigger Fiji Beach Resort and Castaway Island in Fiji; Outrigger Laguna Phuket Beach Resort and Outrigger Koh Samui Beach Resort in Thailand; and Outrigger Mauritius Beach Resort.

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

The investment is outlined as part of Singha Estate’s strategy to invest in hotels and resorts in prime tourist destinations and diversify the company’s geographic risk, the company said in a statement.

The company said in October that they were aiming to increase overseas revenue to 30 percent of the total from the current 20 percent.

The purchase comes after a string of deals by the Thai developer in the Maldives and Bangkok last year.

Full details are available at the link below:

Source URL: Corporate Maldives

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