February 27, 2018 / 5:56 AM / a year ago

Thailand's Singha Estate buys hotels from Hawaiian firm for $250 mln

BANGKOK, Feb 27 (Reuters) - Thai property firm Singha Estate Pcl said on Tuesday it would buy six hotels across four countries from a Hawaii-based hotel group for about $250 million.

Singha Estate will buy a total of 859 rooms from properties on the resort islands of Phuket and Samui in Thailand, Mauritius, the Maldives and Fiji from Outrigger Hotels Hawaii.

Singha Estate, the property arm of beer maker Boon Rawd Brewery, best known for pale lager Singha, said it might repay up to $100 million of loans owed by the properties.

The investment is part of Singha Estate’s strategy to invest in hotels and resorts in prime tourist destinations, it said in a statement.

Singha Estate chairman said in October the company was aiming to increase overseas revenue to 30 percent of the total from the current 20 percent.

The purchase comes after a string of deals by the Thai developer in the Maldives and Bangkok last year.

Hotels made up about 18 percent of Singha Estate’s total revenue of 5.86 billion baht ($187.3 million) in 2017. ($1 = 31.2900 baht) (Reporting by Chayut Setboonsarng; Editing by Amrutha Gayathri)

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