The Edition


Emboodhoo developer Singha Estate spends USD310 Mil, acquires new six resorts

Rae Munavvar
19 June 2018, MVT 10:02
Outrigger Konotta Maldives
Rae Munavvar
19 June 2018, MVT 10:02

The Thailand-based property development and investment holding company Singha Estate, has acquired six resorts from the Honolulu-based hotel chain and management company, Outrigger Hotels and Resorts for USD 310 million.

The move marks the continuation of Singha Estate’s strategic investment approach focused on the expansion and entry in high-yield tourist destinations around the globe.

In addition to Outrigger Konnota Maldives located in Gaafu Dhaalu Atoll, the deal also 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.

The acquisition raises Singha Estate’s hospitality business portfolio to a total of 4,644 room keys by the end of 2018, with 10 distinctive properties catered to visitors in global tourist destinations and a collection of 29 properties in some of the finest locations across the United Kingdom.

Having welcomed its first guests in August 2015, Outrigger Konotta Maldives features 53 luxury villas that include some of the largest suites in the country. The island has quickly risen in popularity as a favourite among resort-goers around the world.

“Singha Estate’s vision aims to drive the business to become a ‘premier property development and investment holding company’ generating revenue of THB 20 billion by 2020,” said Naris Cheyklin, Chief Executive Officer, Singha Estate Public Company Limited.

“We believe that this strategic investment and acquisition of Outrigger resorts in four countries will generate recurring income and further diversify the company’s profile and geographical risk.”

The company has also declared that Outrigger Hotels and Resorts will continue to manage and operate all six newly acquired properties.

“With Singha Estate’s esteemed reputation as outstanding stewards of the properties and places in which it invests, Outrigger has full confidence that its premier resorts will continue in exceptional care,” said Jeff Wagoner, President and CEO, Outrigger Hotels and Resorts.

Singha Estate’s recent USD 680 million investment that spearheaded the reclamation of Emboodhoo Lagoon, dubbed the “cross roads” mega-project, is to be launched in phases and will be the country’s first multi-island integrated leisure and entertainment destination.

In addition to the presence of high-end resorts on the property, Emboodhoo Finolhu offers a variety of opportunities for businesses to capitalise on.