Mantra Group today announced it has agreed to buy Outrigger Hotels and Resorts Australia for $29.5m and will raise $50m to fund the acquisition and other opportunities.

Outrigger operates four resorts in Queensland – Outrigger Surfers Paradise; Outrigger Twin Towns Resorts, Coolangatta; Outrigger Little Hastings Street Resorty & Spa, Noosa; and Boathouse Apartments by Outrigger, Airlie Beach.

The deal includes management rights (984 keys) plus freehold title to various restaurants, conference facilities and other common areas.

The $50m will be raised through a share placement. All formalities are expected to be complete by June,

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