A Hawaii hotel company has sold six of its Asia-Pacific properties to a Thai-based property development and investment holding company for $310 million.
Honolulu-based Outrigger Hotels and Resorts will continue to manage the properties in the 859-room deal with Singha Estate Public Co., the Honolulu Star-Advertiser reported Wednesday.
The sale includes Outrigger Laguna Phuket Beach Resort and Outrigger Koh Samui Beach Resort in Thailand, Outrigger Fiji Beach Resort and Castaway Island in Fiji, Outrigger Mauritius Beach Resort in Mauritius and Outrigger Konotta Maldives Resort in the Maldives.
"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, the company's president and CEO. "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."
The sale demonstrates a new direction for the more than 70-year-old company, which was founded by Roy and Estelle Kelley. During the previous decade, the company pursued the acquisition of several beach and resort properties in the Asia-Pacific region.
The company was purchased by Denver-based KSL Capital Partners in 2016. Outrigger oversees 37 properties representing about 6,500 hotel rooms.