Thailand’s famous beer brand has announced it will purchase six Outrigger resort properties in two locations nationwide and four more globally. Singha Estates announced the decision to purchase the Outrigger hotels in a filing to the Stock Exchange of Thailand, dated 26th February 2018.
The deal involves the outright purchase of six properties under the Outrigger brand, two of which (Outrigger Laguna Phuket Beach Resort and Outrigger Koh Samui Beach Resort) are located in Thailand. The other Outrigger properties included in the deal are located in the Maldives, Mauritius and Fiji respectively. According to reports from Phuket-based C9 Hotelworks, the acquisition was made by S Hotels and Resorts (SC) Co. Ltd – a subsidiary of Singha registered in Singapore.
C9 Hotelworks also reports that documents filed with the Stock Exchange of Thailand (SET) confirm the total value of the deal does not exceed US$350 million (more than THB11 billion), covering debt and equity. The asset value of the Laguna Phuket Beach Resort alone at the end of 2016 was recorded at THB 3.3 billion.
A completion date for the sale has been set for June 2018. Management of the six properties will continue under the Outrigger Hotels and Resorts brand.