Published on Thursday, October 12, 2017

AccorHotels to buy Australian hotel chain

AccorHotels is to buy Australia-based Mantra Group, subject to regulatory approval.

Chairman and CEO Sebastien Bazin said the move will 'underpin our long-term growth in the Asia Pacific region'.

Mantra chairman Peter Bush 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."

With more than 5,500 staff, Mantra has 127 properties and over 20,000 rooms in hotels, resorts and serviced apartments across Australia, New Zealand, Indonesia and Hawaii.

It has three key brands: Peppers (28 properties), Mantra (75 properties) and BreakFree (24 properties).

It also manages core accommodation services including guest relations and reception areas, restaurants and bars, conference and function centres, pool and entertainment facilities and offices.

Under the terms of the agreement AccorHotels would offer AUD3.96 in cash for each Mantra share including any potential special dividend.

AccorHotels has also confirmed it is in discussion with potential investors over the sale of part of the share capital of AccorInvest.

It hopes to reach a deal before year-end 2017 but said, at this stage, there is no certainty of meeting this deadline.

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