Outrigger waving the cheque book
Outrigger has hit the ground running with its cheque book open, after announcing earlier this month that it was on the acquisition trail, with the Hawaiian-based company, headquartered in Australia in Surfers Paradise, settled the $120 million sale of its Australian and New Zealand assets to funds manager MFS two weeks ago and already buying!
Clifford Olson, who heads the Outrigger team says the company expected to announce several new hotel and resort ventures this year as a result, adding “The sale has not stalled our overall goal to maintain a solid hotel presence throughout Australia, New Zealand and the Asia Pacific, and the recent sale of our management rights enables us to look at larger hotel projects from a cashed-up equity base,” he said.
“The sale was a strategic business move which did not include the sale of the Outrigger brand or contain any anti-competition clauses.”
Mr Olson said the hunt for new hotels was homing in on the region’s premier gateway cities and leisure centres, including Brisbane, Sydney, Melbourne, Darwin, Perth, Auckland, Cairns and the Gold Coast.
He said Outrigger was also evaluating larger joint-venture partnerships.
“We already have a number of JVs throughout the Pacific, including Fiji, and are keen to partner with a party here or in South-East Asia to have long-term equity in a hotel product that fits Outrigger’s personality,” he said.
“It is really just a matter of time before we secure hotels that fit with our next phase of growth.”
Report by The Mole
John Alwyn-Jones
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