Outrigger Sell Australian Portfolio
Hawaii-based Outrigger Group has reportedly entered into an agreement with the Mantra group for the divestment of four properties in Australia.
The four hotels with a combined 984 keys are located in Surfers Paradise, Noosa, Airlie Beach and Coolangatta.
A rebranding will be done selectively between Mantra's core brand and their upscale Peppers moniker.
The deal is estimated at USD22.5 million and will convey management letting rights for the hotel-managed residences.
Outrigger has been widely quoted to be on the outlook to shift their focus on premium oceanfront resort on an acquisition basis.