The Honolulu-based company said it has reached an agreement in principle with joint-venture developers Leighton Properties and the Macquarie Group of Companies to manage the AUD300+ million (US$255.4 million) Viridian Resort & Spa.

Officials described the property as a deluxe, 192-unit resort condominium currently under construction in the resort town of Noosa, located along Australia's Sunshine Coast in the eastern state of Queensland. When it opens in 2009, the property will be branded the Outrigger Viridian Resort & Spa.

Last summer, Outrigger Enterprises Group said it was selling its management rights and associated real estate interests for 13 properties in Australia and New Zealand to MFS Limited, a publicly held Australian investment firm.

Outrigger then used the proceeds received from the transaction to reinvest in new opportunities in Australia, New Zealand and other markets in the Asia-Pacific region, said Outrigger Enterprises Group president and CEO David Carey.

Carey said this week's action reaffirms the company's commitment to Australia and the region. "It's been just five months since we sold our interest in the former Outrigger-managed properties in Australia and New Zealand. With this announcement, we continue our long-range vision of strengthening and growing the Outrigger brand in the area, and positioning the company as a regional leader in hospitality, retail and development."

When completed, the Outrigger Viridian Resort & Spa will feature 11 buildings centered on the resort's leisure facilities that will include two swimming pools, a mini theater, poolside dining, bar, restaurant, gym/sauna, day spa and the largest conference facilities in the region.

Joint venture developer Bob Borger of Leighton Properties said, "We have entrusted Outrigger Hotels & Resorts to share the beauty and quality of our resort and of Noosa worldwide. The economic and tourism benefits for the Noosa region and for Queensland will be many."