Mantra to remain on Coast after $1.2b sale
MANTRA Group’s head office will remain on the Gold Coast despite its sale to AccorHotels settling yesterday.
Shareholders were paid their portion of the group’s $1.2 billion sale to their Parisbased counterparts and the company’s MTR code has disappeared from the Australian Stock Exchange for the last time.
The announcement also saw and end to Bob East’s tenure as head of the company he floated and grew into a billiondollar entity.
The deal includes the Mantra, Peppers, BreakFree and Art Series brands, representing 138 hotels in Australia, New Zealand, Hawaii and Bali.
Michael Issenberg, chairman and CEO of AccorHotels Asia Pacific, said the deal would see Accor operate more than 330 hotels and resorts actross Australia and more than 900 across the Asia Pacific.
“The Mantra Group is the latest chapter in the strong growth story of AccorHotels in the region,” he said in a statement. “Since our launch with the Novotel Sydney on Darling Harbour in 1991, AccorHotels has become the largest hotel group in the Pacific, and Australia has always played a key role in that story.”
Accor said Mantra Group’s ”leadership team” would stay on the Gold Coast.
South Pacific chief operating officer Simon McGrath said the deal would result in “new opportunities”.
“The Mantra Group brands will enhance AccorHotels’ portfolio and create new opportunities for our people, partners and guests,” he said.
The Mantra Group leadership team will continue to be based in the Gold Coast office, reporting to Mr McGrath, in line with all other AccorHotels Pacific business units, a statement from Accor said. FIRST he sold the hotel and resort company he turned into a billion-dollar empire, now he’s selling his Gold Coast home.
Outgoing Mantra Group CEO Bob East has listed his Sorrento mansion on the market for $3.995 million just