Bangkok, 12 June 2018 – Singha Estate Public Company Limited, Thailand’s premier property development and investment holding company, today announced the successful acquisition of six Outrigger-branded hotels.
The USD 310 million acquisition is part of Singha Estate’s strategic investment approach, SMART Mergers and Acquisitions (SMART M&A), which focuses on high-return asset investment emphasizing fast growing prospects in tourist destinations around the globe. The corporate has also emphasized augmenting development in brand building, customer experience and promotion sustainability of surrounding community and environment
The acquisition also accelerates the strategic intention of S Hotels & Resorts, a subsidiary of Singha Estate, initial public offering aimed for 2019, whereby S Hotels & Resorts will become a full-fledged global holding company.
“Singha Estate’s business direction aims to become a ‘premier property development and investment holding company’ generating revenue of THB 20 billion by 2020. This strategic investment and acquisition of Outrigger-branded hotels in four countries will generate recurring income and further diversify the company’s profile and geographical location of high-yield tourist destinations.” said Naris Cheyklin, Chief Executive Officer, Singha Estate Public Company Limited.
Singha Estate’s strategic approach of SMART M&A has generated asset growth from THB 11.2 billion in 2014 to THB 40.9 billion in 2017. Combined with a substantial investment in the visionary CROSSROADS project in the Maldives, Singha Estate’s total asset growth effect will soon top THB 60 billion to yield its revenue target.
Singha Estate’s acquisition of the Outrigger properties is a clear reflection of its business strategy. This strategic move will drive Singha Estate’s corporate position by becoming a premier holding company through robust financial status and premium quality product offerings.
“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. This asset sale and strategic partnership now provide new capital for further expansion while retaining Outrigger’s brand presence and management of world-class properties,” said Jeff Wagoner, President and CEO, Outrigger Hotels and Resorts.
ABOUT SINGHA ESTATE PUBLIC COMPANY LIMITED Singha Estate is a premier property development and investment holding company focusing on investing in high potential business, driving corporate position to become a premier holding company through robust financial status and premium quality product offerings, building strong and sustainable growth through well balanced portfolio. The company is growing its business with optimum portfolio of Commercial, Hospitality, and Residential sector. The corporate is heading towards a full-fledged global holding company, with a commitment of good corporate citizenship that delivers sustainable values to all stakeholders
ABOUT OUTRIGGER HOTELS AND RESORTS For more than 70 years, Outrigger Hotels and Resorts has charted a journey of discovery – expanding from Hawaii to premier resort destinations in Fiji, Thailand, Guam, Mauritius and the Maldives. The privately held hospitality company currently operates and has in development 37 properties with approximately 6,500 rooms – inviting guests to ‘Escape Ordinary’ with authentic Signature Experiences and the Outrigger DISCOVERY loyalty program. Outrigger’s multi-branded portfolio includes Outrigger® Resorts, OHANA Hotels by Outrigger® and Hawaii Vacation Condos by Outrigger® while also managing select properties from top international hotel brands including Embassy Suites®, Best Western®, Wyndham Vacation Ownership® and Hilton Grand VacationsTM. Find out more at Outrigger.com or visit @OutriggerResorts on Facebook, Instagram and Twitter.