Outrigger back into buying!
In a very speedy turnaround after selling its $120m 14 hotel Australia and New Zealand portfolio to MFS, Hawaii based Outrigger Hotels is back in the market seeking to buying hotels and resorts in Australia.
It appears that Outrigger retained its name after the MFS deal and was not constrained by any non competition clause, planning to invest the whole of the $120m into other Australian hotel properties, with Outrigger Senior VP for the Pacific saying that he had done it all before and he could do it again.
He added that the Gold Cost is most definitely on the agenda, and that they also wanted to pick up a small chain of hotels rather than a single property here and there, admitting though that properties were hard to find at the right price.
He also confirmed that the Outrigger management team in Surfers Paradise would remain in place, that Outrigger was continuing to expand its operations in Hawaii and the South Pacific and that they were close to announcing agreements in Koh Samui and Phuket in addition to a second property in Bali.
Report by The Mole
John Alwyn-Jones
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