Ac­corHo­tels takes Mantra

Travel Daily - - News -

MANTRA Ho­tels direc­tors have unan­i­mously rec­om­mended share­hold­ers ac­cept a $1.18 bil­lion takeover of­fer, which will see the Aus­tralian hos­pi­tal­ity group be­come part of the global Ac­cor net­work ( TD break­ing news).

Ac­corHo­tels ceo Se­bastien Bazin said the deal would un­der­pin the group’s long-term growth in the Asia Pa­cific re­gion.

“Mantra’s port­fo­lio would of­fer Ac­corHo­tels ad­di­tional ac­com­mo­da­tion for­mats and a strong cus­tomer base to im­ple­ment our suc­cess­ful ho­tel port­fo­lio in Aus­tralia,” he said.

Mantra’s range in­cludes 28 Pep­pers ho­tels, 75 Mantra prop­er­ties and 24 op­er­at­ing un­der the BreakFree brand.

The com­pany has more than 5,500 em­ploy­ees.

The trans­ac­tion, which will be voted on by share­hold­ers at a meet­ing sched­uled for Mar 2018, is sub­ject to reg­u­la­tory ap­provals in­clud­ing from the For­eign In­vest­ment Re­view Board and the Aus­tralian Com­pe­ti­tion and Con­sumer Com­mis­sion.

Mantra chair­man Peter Bush said the of­fer rep­re­sented an at­trac­tive propo­si­tion.

“Mantra’s strong ex­per­tise in apart­ments, in par­tic­u­lar, and our pres­ence in re­sort lo­ca­tions are very com­ple­men­tary to the Ac­corHo­tels op­er­a­tion in Aus­tralia and New Zealand”.

He said cus­tomers would ben­e­fit from the “market lead­ing ex­per­tise” of both groups.

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