Australian hoteliers, the Mantra Group, received the award for ‘Deal of the Year under $50 million’ for its acquisition of four Outrigger properties in Australia.
The company beat four finalists to receive the title, which was handed down at the annual Hotels World Conference held in Sydney this week.
The deal cost around $29.5 million and saw around 1,129 rooms added to the group’s hotel portfolio.
Michael Moret-Lalli with Mantra Group CEO Bob East.
The deal was signed earlier this month and saw Outrigger Little Hastings Street Resort & Spa, Noosa rebranded to Peppers Noosa Resort & Villas.
There’s also Outrigger Surfers Paradise which converted to Mantra on View Hotel Surfers Paradise; and Outrigger Twin Towns Resort is now Mantra Twin Towns.
Plus Boathouse Apartments by Outrigger, Airlie Beach changed over to Mantra Boathouse Apartments.
Group Director of Acquisitions, Michael Moret-Lalli said the deal aligned with the company’s growth strategy to deliver shareholder value and expand in key tourism destinations with the four hotels located on the Sunshine Coast, Gold Coast, Tweed Coast and Airlie Beach.
“This was a rare opportunity to acquire some exceptional hotels and in line with our growth strategy, a strong investment opportunity for Mantra Group.”
Michael Moret-Lalli, Mantra Group Director of Acquisitions
