Singha Estate – the developers of Embudu Lagoon – has locked a deal to buy six hotels owned by Hawaii-based Outrigger Hotels across the world.
The deal worth US$ 250 million includes six hotels located in four countries, including Outrigger Konotta Maldives. The rest 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 investment is part of Singha Estate’s strategy to invest in hotels and resorts in prime tourist destinations, it said in a statement. Singha Estate chairman said in October the company was aiming to increase overseas revenue to 30 percent of the total from the current 20 percent.
Hotels made up about 18 percent of Singha Estate’s total revenue of 5.86 billion baht ($187.3 million) in 2017. ($1 = 31.2900 baht)