Outriggers Hotels & Resorts has agreed
to sell its Australia and New Zealand properties to MFS Limited, a
publicly-held Australian investment firm. Terms of the deal, which
is expected to close by the end of the year, were not disclosed.
The transaction
includes 13 properties Outrigger manages in Australia and New
Zealand and the management rights for six additional properties in
the region currently under development.
Not included in the
deal are Outrigger's other Pacific operations, which total six
hotels operating or under development in Bali, Fiji, Tahiti or
Guam; or the Outrigger name or right to use it.
According to David
Carey, president and CEO of Outrigger, proceeds from the
transaction will be used to "reinvest in new opportunities in both
Australia and New Zealand, as well as other markets throughout the
Asia Pacific region."
Until operations are
transferred to MFS, Outrigger will continue taking reservations for
the properties. "It will be business as usual at all of the
properties. We will be working closely with MFS to ensure a smooth
and seamless transition to the new management group on behalf of
both our employees and our guests," Carey said.
Once the sale is
complete, each resort will be rebranded by MFS under one of the
brands operated by its Stella Resorts Group: Bale Resorts: Peppers
Retreats, Resorts and Hotels: Mantra Hotels, Resorts and
Apartments; BreakFree Hotels, Resorts and Apartments; or Ambia
Villas and Apartments.
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