Thai developer Singha Estate acquires Outrigger Konotta Maldives Resort
Thailand-based developer Singha Estate has announced the acquisition of the Outrigger Konotta Maldives Resort.
In a regulatory filing with the Thailand Stock Exchange, Singha Estate said its subsidiary S Hotels and Resorts (SC) Co. Ltd has entered into an agreement with Outrigger Hotels Hawaii to purchase six properties in its portfolio. The deal includes 100 percent ownership of Outrigger Konotta Maldives Resort, Outrigger Koh Samui Beach Resort, Outrigger Laguna Phuket Beach Resort, Outrigger Mauritius Beach Resort, Outrigger Fiji Beach Resort and Castaway Island.
The total value of the deal will not exceed USD 350 million, which includes asset purchase valued at USD 250 million and assumed debt of up to USD 100 million.
Subject to regulatory approval, completion date for the sale has been set for June.
As part of the deal, management under Outrigger Hotels and Resorts will continue.
In 2016, Outrigger Hotels and Resorts was acquired by KSL Private Equity Partners (LLC) through an affiliate from the founders, Hawaii’s Kelley family. The group currently manages or has under development 40 properties with approximately 9,000 rooms in some of the world’s most desired beach destinations in Hawaii, Fiji, Guam, Thailand, Mauritius and the Maldives.
The private island of Konotta is located 340 kilometres to the south of capital Male, and is conveniently accessible via a 55-minute flight from the main Velana International Airport to Kaadedhdhoo Airport followed by a scenic 30-minute journey on a luxurious private yacht.
The award-winning Outrigger Konotta Maldives Resort offers guests the largest average villa sizes in the Maldives. Comprising 29 Beach Pool Villas, 21 Ocean Pool Villas, two Lagoon Pool Villas and the three-bedroom Grand Konotta Villa, the resort offers a complete sense of privacy and intimate luxury.
Captivate your senses with innovative dining concepts, the Navasana Spa, and high-end facilities. In between your diving lesson and massage, indulge in sumptuous Maldivian cuisine or a glass of white Burgundy in one of the resort’s restaurants or the comfort of your villa. As the sun sets, sample Japanese single malts at the Teppan bar while drinking in endless ocean views.
As Singha Estate acquires the Outrigger Konotta Maldives Resort, it is gearing up for the launch of the first phase of the highly anticipated Emboodhoo Lagoon project, the first integrated tourism destination in the Maldives. The first phase consists of a USD 311.5 million investment that is expected to stimulate tourism, offering vacationers a rich combination of world-class offerings such as hotels, entertainment, retail and fine dining.
Hard Rock Hotel Maldives will be one of three resorts included in the development, boasting 178 expansive guest rooms, family suites, beach villas, and one and two-bedroom overwater villas. Just steps from the hotel, guests will enjoy authentic American cuisine amidst the ultimate rock atmosphere at Hard Rock Cafe Maldives.
As Singha Estate and Hard Rock prepare to launch the first phase of the integrated development, construction works at the Emboodhoo lagoon, which is accessible by a 20-minute speedboat ride from the main airport, is well underway. Nine islands have already been created on reclaimed land in the lagoon.
While the first phase includes three islands, the entire development will witness the development of more than seven different hotel brands and 20 food and beverage destinations. A yacht marina, shopping promenade, a world-class beach club by Cafe Del Mar, a centre devoted to both local culture and marine life, and meeting and wedding facilities will also be developed.