This article is from the Australian Property Journal archive
MANTRA Group has made a $29.5 million takeover bid for Outrigger Hotels & Resorts Australia.
Outrigger currently operates four resorts, namely Outrigger Surfers Paradise; Outrigger Twin Towns Resorts, Coolangatta; Outrigger Little Hastings Street Resort & Spa, Noosa; and Boathouse Apartments by Outrigger Airlie Beach.
The portfolio comprises a total of 984 keys.
Mantra` CEO Bob East said these large-scale properties are located in some of Australia’s key holiday destinations.
“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,” he added.
Mantra has launched a fully underwritten institutional placement to raise approximately $50 million to assist in funding the Outrigger acquisition as well as provide additional capital to fund identified pipeline opportunities.
Australian Property Journal
