Outrigger Wins Honor for Maldives Acquisition
The Outrigger Konotta Maldives Resort has won first place for Single Asset Transaction of the Year at this year’s HICAP |
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Outrigger Wins Honor for Maldives Acquisition
The Outrigger Konotta Maldives Resort has won first place for Single Asset Transaction of the Year at this year’s HICAP |
Category: Asia Pacific - Maldives - Events -
Rewards
This is a press release selected by our editorial committee and published online for free on 2015-10-20
Filed by Outrigger Hospitality Group
PHUKET, THAILAND – The Outrigger Konotta Maldives Resort has won first place for Single Asset Transaction of the Year at this year’s HICAP (Hotel Investment Conference Asia Pacific) Deal of the Year Awards held October 16 in Hong Kong.
In September 2014, OKM Private Limited, a wholly-owned subsidiary of Outrigger Enterprises Group, purchased the partially completed Konotta Maldives Resort from Aima Construction and Platinum Capital Holdings. In just 10 months, the property underwent an aggressive completion program that included the total redesign of all public areas and rooms product, opening on August 1 with 29 beach pool villas (four newly constructed), 21 overwater pool villas and a new 509sqm three-bedroom overwater Presidential villa.
Following the resort acquisition, in the first three months of operation, rooms revenue has exceeded initial operating underwriting by 132%, with ADR up 11% over the original forecast.
The transaction involved disposal of a non-performing loan and a complicated sale process requiring intense co-operation between the principals, lending consortium and creditors for a successful outcome. The entire redevelopment was delivered on time and on budget.
Outrigger Enterprise Group CEO and President, David Carey, accepted the award at HICAP. He said: “Outrigger Resorts is truly honored and grateful to receive this accolade from HICAP. Outrigger has the goal of becoming the premier beachfront resort brand in the world. The success of our Maldives project is indicative of our commitment to that process. There will be more to come in the months ahead.”
About Outrigger Enterprises Group Outrigger Enterprises Group is one of the largest and fastest growing privately held leisure lodging, retail and hospitality companies operating in the Asia Pacific, Oceania and Indian Ocean regions. As part of its unique hospitality offering, the values-based company extends exceptional hospitality and authentic cultural experiences, incorporating local traditions and customs into the guest experience at each of its properties worldwide. Guided by more than 68 years of family leadership, Outrigger runs a highly-successful, multi-branded portfolio of hotels, condominiums and vacation resort properties, including Outrigger® Resorts, OHANA® Hotels and Resorts, Embassy Suites®, Holiday Inn®, Best Western®, Wyndham Vacation Ownership® and Hilton Grand VacationsTM. Currently, Outrigger operates and/or has under development 40 properties with approximately 9,000 rooms located in Hawaii; Guam; Fiji; Thailand; Mauritius; Maldives; Vietnam; and Hainan Island, China. For online information, log on at www.outriggerenterprisesgroup.com and www.outrigger.com.
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Outrigger Resorts, Asia-Pacific
Ste 105-112, Plaza Del Mar, No. 1 Pasak-Koktanod Rd
Cherngtalay Sub-Dist., Thalang District
Phuket Province, 83110 Thailand
Tel: (+66) 76 318 230
Fax: (+66) 76 318 232
Email: gai.tadakittkul@outrigger.com
Media Contact, Asia
Ken Scott
ScottAsia Communications
Mobile: (+44) 7949 077959
Email: kens@scottasia.net
Anchalee Sriwongsa
ScottAsia Communications
Mobile: (+66) 91 806 0484
Email: ann@scottasia.net
Nancy Daniels, APR, Director of PR, Corporate head office
Outrigger Enterprises Group
Phone: +1 808 921 6839
Email: nancy.daniels@outrigger.com
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