AUSTRALIA’S Mantra Group will add four resort properties to its portfolio in an agreement to acquire Outrigger Hotels & Resorts Australia.
Announced yesterday, the A$29.5 million (US$22.6 million) deal is expected to close by June and Mantra, via a subsidiary, will acquire all issued shares in Outrigger Australia.
This will see the group take over four resorts – Outrigger Surfers Paradise; Outrigger Twin Towns Resorts, Coolangatta; Outrigger Little Hastings Street Resort & Spa, Noosa; and Boathouse Apartments by Outrigger Airlie Beach – to bring 984 keys under its management.
Said Mantra Group CEO, Bob East, in a statement: “The Outrigger acquisition is a natural fit for Mantra Group, extending the group’s footprint in key leisure destinations.
“This acquisition is complementary to our existing portfolio and, together with future pipeline growth initiatives, is expected to supplement Mantra Group’s strong organic growth with incremental earnings. We look forward to working with the owners, guests and team members to make the transition as smooth as possible.”
The group announced yesterday that it is launching a fundraiser to secure A$50 million for the acquisition and future development opportunities.
