June 13–Honolulu-based Outrigger Hotels and Resorts has sold six of its Asia-Pacific properties for $310 million — a move that the chain said will free up capital for new expansion opportunities.
The properties, which Outrigger will continue to manage, were purchased by Singha Estate Public Co. Ltd., a Thai-based property development and investment holding company. The 859-room deal 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 Republic of Maldives.
Jeff Wagoner, Outrigger Hotels and Resorts president and CEO, said in a statement Tuesday, "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."
The sale represents a new direction for the more than 70-year-old company. It's part of the many changes that have occurred since late 2016 when Denver-?based KSL Capital Partners purchased the chain from the descendents of local founders Roy and Estelle Kelley. In the previous decade the chain aggressively sought to acquire more beach and resort properties in the Asia-Pacific region. Outrigger has oversight of 37 properties representing approximately 6,500 rooms.