AccorHotels to buy Mantra Group

Martha Elwell By Martha Elwell
15 October 2017 | Updated 15 October 2017

Australia: AccorHotels will acquire Australian hotel operator Mantra Group

AccorHotels will acquire Australian hotel and resort operator Mantra Group.

Accor has confirmed confirmed that it has signed an agreement to pay $3.96 Australian dollars for each share of Mantra, or around $1 billion total in U.S. dollars.

The deal will grow Accor's already strong presence in the country and the Asia/Pacific region.

AccorHotels CEO Sebastien Bazin said: "Mantra's portfolio would offer AccorHotels additional accommodation formats and a strong customer base to complement our successful hotel portfolio in Australia. We are confident that the transaction terms are attractive for shareholders of both groups."

Mantra chairman Peter Bush said Mantra's shareholders "trust that our business will be in good hands" and that the deal will support Australia's tourism market.

Mantra's portfolio is comprised of more than 20,000 units in 127 hotels, resorts and serviced-apartment properties in Australia, New Zealand, Indonesia and Hawaii.

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