AccorHotels’ acquisition of Mantra Group is officially complete

AccorHotels’ acquisition of Mantra Group is officially complete

Yesterday, AccorHotels officially took the wheel at Mantra Group.

In a statement on the ASX, Mantra announced the Federal Court of Australia has made orders approving the scheme of arrangement by which all Mantra shares will be acquired by AAPC Limited (a subsidiary of AccorHotels).

The group also confirmed a copy of the court order was lodged with the Australian Securities and Investments Commission (ASIC).

What does all this mean? Essentially, the scheme, referring to AccorHotel’s acquisition of all Mantra shares has become legally effective.

It’s done, people!

Mantra shares were suspended from trading this morning.

According to AFR, the acquisition will create a local hotel giant with around 15 per cent of the local market, including 370 hotels and 53,000 rooms.

Mantra recently released its half-yearly results, which revealed the group’s revenue was up by $10m.

The Group saw record revenue and massive increases in room bookings, with an increase in revenue of $10.1m and 1.97m rooms sold.

Revenue grew to $366.2m, an increase of 2.8 per cent, mainly due to growth in domestic and international travel, as well as record RevPAR (Revenue Per Available Room) of $145.07.

The number of rooms sold in the first half of the financial year was the highest ever for the period, and the Group increased available rooms by 2.6 per cent.

Latest News

  • News

Collette special offers across peak northern summer season

Global tour operator Collette has announced a series of special offers on selected dates across a range of tours in the peak northern hemisphere 2024 summer season. Greece The offers include ‘Greece & Its Islands’ features classics such as the Parthenon as well as the picturesque islands of Mykonos and Santorini. A saving of $700 […]

  • Aviation
  • News

Air India and All Nippon codeshare between the two countries

Air India and All Nippon Airways have signed a codeshare agreement connecting their networks. The new commercial partnership will provide more travel opportunities for customers of both India’s leading global airline and the largest Japan’s largest carrier. Effective from 23rd May, the Air India and All Nippon Airways agreement will see passengers fly to their […]

  • News

A&K offers minimum 18 weeks paid parental leave

A&K Travel Group will now provide a minimum of 18 weeks paid parental leave for both care-givers, setting a new standard for the travel industry. By providing 18 weeks of paid time off for all new parents, regardless of gender, A&K Travel Group is not only enabling parents to spend valuable time with their newborns […]

  • Cruise
  • Luxury
  • News

Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

  • Luxury

Malolo Island Resort opens brand new Spa

Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]