Singha Estates announced at the weekend that it has signed an agreement to buy Laguna Phuket Beach Resort. In an article for hospitality consultants C9 Hotelworks, Bill Barnett, reports the purchase will also include a further five additional Outigger properties.
“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. 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” Mr Barnett added.
Completion of the sale for Laguna Phuket Beach Resort – with a combined value of THB3.3 billion – is slated for June 2018, with Outrigger staying on to manage the property.
The sale follows news of the 2016 purchase of Outrigger Hotels and Resorts by KSL Private Equity Partners (LLC) – a sale which included all of the 37 Outrigger sites across Asia, including Outrigger Laguna Phuket Beach Resort.
Click here for more information about Outrigger and the Laguna Phuket Beach Resort.