Australia’s Mantra Group Ltd. is moving farther off-shore as Tuesday it was reported it is buying Outrigger Enterprises Group’s interest in the Ala Moana Hotel in Honolulu for US$52.5 million.
Outrigger has been marketing its interest in the hotel-condominium, which consists of 1,086 rooms, since early this year. On Tuesday, it entered into a purchase and sales agreement with MG Hotels North Pacific LLC, an affiliate of Mantra Group, which operates properties similar to the Ala Moana Hotel.
An Outrigger spokeswoman said the deal was still in the due diligence period, but should close by August.
The Ala Moana Hotel, which opened in 1970, has 1,100 rooms and is one of the largest hotels in Hawaii.