AccorHotels acquires Mantra Group
AccorHotels has continued its growth trajectory and entered into a $1.2 billion deal to acquire all of the shares in Australia’s Mantra Hotels Group Limited.
The strategic move is part of a plan to use the two companies’ geographic footprint and distribution and systems to “form a favourable base from which AccorHotels can expand further in the region”.
Sebastien Bazin, chairman and chief executive officer of AccorHotels, said the operation would underpin the company’s long-term growth in the Asia Pacific region.
“Mantra’s portfolio would offer AccorHotels additional accommodation formats and a strong customer base to complement our successful hotel portfolio in Australia,” he said.
The transaction will see Mantra shareholders receive A$3.96 cash per share from AccorHotels and is expected to be completed on or around March 2018.
Mantra chairman Peter Bush said the offer represented “an attractive proposition” for Mantra and its shareholders.
“AccorHotels is one of the world’s leading hotel operators and we trust that our business will be in good hands,” he said.
“Mantra’s strong expertise in apartments, in particular, and our presence in resort locations are very complementary to the AccorHotels operations in Australia and New Zealand. The combined business will be an important part of Australia’s strong and growing tourism market and its customers will benefit from the market leading expertise of both groups.”
Mantra is one of Australia’s largest hotel and resort marketers and operators, boasting 127 properties and over 20,000 rooms in hotels, resorts and serviced apartments across Australia, New Zealand, Indonesia and Hawaii.
Its properties range from luxury accommodation and coastal resorts to serviced apartments, all of which fall under the key brands of Peppers, Mantra and BreakFree.
AccorHotels’ presence stretches across 95 countries and includes over 4,100 hotels, resorts and residences, as well over 3,000 private homes.