Singha Estate To Purchase Outrigger Phuket Hotel
Thai-listed group Singha Estate has entered into an agreement to purchase the 255-room Outrigger Laguna Phuket Beach Resort through affiliated entities.
In addition, the deal includes five other Outrigger flagged properties in Koh Samui Thailand, Maldives, Mauritius and Fiji.
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 USD350 million, which covers debt and equity. (i.e, asset purchase of USD250 million and assumed debt up to USD100 million)
A completion date for the sale has been set for June 2018.
The asset value of the Laguna Phuket Beach Resort at the end of 2016 was THB3.3 billion.
As part of the deal, management under Outrigger Hotels and Resorts will be ongoing.
In 2016 Outrigger Hotels and Resorts was acquired by KSL Private Equity Partners (LLC) through an affiliate from the founders, Hawaii’s Kelley family.