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Outrigger to Acquire 254-key Laguna Beach Resort in Laguna Phuket, Thailand

7/24/2012

HONOLULU—Hawaii-based Outrigger Hotels and Resorts announced that it has entered into an agreement to acquire the 254-key Laguna Beach Resort located in the Laguna Phuket integrated resort on Bang Tao Bay on the northwest coast of Phuket, Thailand. The transaction is scheduled to close in the first quarter of 2013.

"The Outrigger name is already synonymous with tropical, beachfront, leisure resort destinations; this acquisition of Laguna Beach Resort further solidifies our brand positioning as we continue to build our presence in the Asia-Pacific resort market," said David Carey, president and chief executive officer at Outrigger Enterprises Group, in an announcement. "With three years of resort management experience in the Laguna Phuket destination, we are confident that this new asset is a perfect fit for our first major investment in the Asia-Pacific region.”

Originally opened in 1991, the Laguna Beach Resort features amenities that include a spa, tennis courts, meeting and conference rooms, a wedding chapel, extensive water features, and a resort pool. Each of the 254 rooms features a private balcony. The property is currently undergoing a major renovation of all of its rooms and public areas and is expected to reopen early in the second quarter of 2013.

The Laguna Beach Resort will be the second property for Outrigger in Laguna Phuket, joining the Outrigger Laguna Phuket Resort and Villas, which it has managed since August 2009.

Since starting its Asian expansion a few years ago, Outrigger has grown its presence to include properties currently open or under development in Bali and Phuket, the two most popular resort destinations in Asia, as well as in Phi Phi island, Thailand; Sanya, Hainan Island, China; and Quy Nhon, Vietnam.

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