Hawaii resort company sells 6 properties in $310M deal

HONOLULU — 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.

___

Information from: Honolulu Star-Advertiser, http://www.staradvertiser.com

Must Read

Text of the apology from US swimmer Ryan Lochte

Aug 19, 2016

Text of the apology US swimmer Ryan Lochte posted to his Instagram account

Italy, German, French eye beefed up EU defense after attacks

Aug 22, 2016

The leaders of Italy, France and Germany vowed Monday to improve European-wide security efforts in...

Image of Asia: Floodwaters cover low-lying land in Allahabad

Aug 23, 2016

Image of Asia: Floodwaters cover low-lying areas of Allahabad, India

Soldier who killed 5 Dallas officers showed PTSD symptoms

Aug 25, 2016

The Army reservist who killed five Dallas police officers last month showed symptoms of...

Mylan launching cheaper, generic version of EpiPen

Aug 29, 2016

The maker of EpiPens will start selling a cheaper, generic version of the emergency allergy shots...

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH