Thailand-based developer Singha Estate has announced the acquisition of the Outrigger Konotta Maldives Resort.In a regulatory filing with the Thailand Stock Exchange, Singha Estate said its subsidiary S Hotels and Resorts (SC) Co. Ltd has entered into an agreement with Outrigger Hotels Hawaii to purchase six properties in its portfolio. The deal includes 100 percent ownership of Outrigger Konotta Maldives Resort, Outrigger Koh Samui Beach Resort, Outrigger Laguna Phuket Beach Resort, Outrigger Mauritius Beach Resort, Outrigger Fiji Beach Resort and Castaway Island.The total value of the deal will not exceed USD 350 million, which includes asset purchase valued at USD 250 million and assumed debt of up to USD 100 million.

Subject to regulatory approval, completion date for the sale has been set for June.As part of the deal, management under Outrigger Hotels and Resorts will continue.