Australian hospitality firm Mantra Group will take over the Australian unit of Outrigger Hotels & Resorts in an agreed A$29.5 million (US$22.6 million) acquisition.
Mantra 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 – with a combined 984 rooms under its management.
Mantra will purchase all issued shares in Outrigger Australia and expects the deal to complete by June.
“The Outrigger acquisition is a natural fit for Mantra Group, extending the group’s footprint in key leisure destinations,” said Bob East, Mantra Group CEO.
“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.”
Mantra Group has more than 11,000 rooms under management in Australia, New Zealand and Indonesia, operating under three brands – Peppers Mantra and BreakFree.
