Hotels

AccorHotels to acquire Mantra to “underpin APAC growth”

AccorHotels has today revealed it has entered an agreement with Mantra Group to acquire the company.

Following speculation earlier this week, the two hotel companies have signed a scheme of arrangement, pending approval by Mantra shareholders, for the price tag of AU$1.18 billion.

Under the terms of the agreement AccorHotels would offer AU$3.96 in cash for each Mantra share including any potential special dividend. The offer price represents a 23 per cent premium to the last close price of AU$3.23 as at 6 October 2017.

It is anticipated that subject to regulatory and shareholder approvals, from the likes of the Australian Foreign Investment Review Board, the Federal Court of Australia and the Australian Competition and Consumer Commission, the transaction should be completed by the end of the first quarter 2018.

AccorHotels and Mantra’s combined geographic footprint, together with enhanced distribution and systems, would form a favourable base for AccorHotels to expand further in the APAC region, something reiterated by Chairman and CEO of AccorHotels, Sébastien Bazin.

“We are delighted to have come to an agreement to acquire the Mantra Group,” Bazin said.

“This operation will underpin our long-term growth in the Asia Pacific region. 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 released a statement on the Scheme this morning, confirming it had “entered into a binding agreement with Accor”.

“The directors of Mantra unanimously recommend that Mantra shareholders vote in favour of the Scheme, and intend to vote Mantra shares in their control in favour of the Scheme,” it stated.

Chairman of Mantra, Peter Bush, said, “The AccorHotels offer represents an attractive proposition for Mantra and for our shareholders and the Board unanimously recommends AccorHotels’ proposal.

“AccorHotels is one of the world’s leading hotel operators and we trust that our business will be in good hands.

“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”.

Mantra is one of Australia’s largest hotel and resort marketers and operators with 127 properties and over 20,000 rooms in hotels, resorts and serviced apartments across Australia, New Zealand, Indonesia and Hawaii.

Properties in Mantra’s portfolio range from luxury accommodations and coastal resorts to serviced apartments in city and key leisure destinations, under three key brands: Peppers (28 properties), Mantra (75 properties) and BreakFree (24 properties).

Mantra also manages core accommodation services including guest relations and reception areas, restaurants and bars, conference and function centres, pool and entertainment facilities and offices.  Mantra has more than 5,500 employees.

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Aviation

Strong winds force flight cancellations at Sydney Airport

by Huntley Mitchell

The wild weather has also seen Sydney blanketed with pollen and chemists inundated with hayfever sufferers.

Share

CommentComments

Hotels

Luxury hotel to be built on top of old Nazi bunker

A former Nazi bunker is going to the next level – literally – with a luxury hotel to be built on top of it.

Share

CommentComments

Cruise

Could this be the world’s greenest cruise ship?

This new build is set to be sleek and luxurious, and use clean LNG fuel. Oh, and did we mention that you can live on it?

Share

CommentComments

Events

Tourism

Have you secured your spot at The Travel Awards?

Wanna be a part of the glitz and glam that is The Travel Awards? Secure your spot now before tickets sell out!

Share

CommentComments

Aviation

Qantas finds most passengers aren’t tackling jet lag the best way

Think you know how to beat jet leg effectively? Well, don’t be so sure, suggests this new Qantas research.

Share

CommentComments

Tourism

Flavour of the Week: Norwegian’s big reshuffle, Singapore Tourism welcomes new staff + MORE!

Our Flavour of the Week is bursting with the tang of executive reshuffles and zesty fresh faces, best enjoyed with a dollop of sour cream and a few corn chips.

Share

CommentComments

Travel Agents

Agent Wrap: Excite’s award win, Change Makers returns, agents take on India + MORE!

Judging by the length of this Agent Wrap, it’s been a slow week for the trade. Well, slow for a bunch of globe-trotting socialites, that is.

Share

CommentComments

Destinations

Aloha Friday Wrap: Island of Hawaii update, Hawaiian Airlines’ starring TV role + MORE

Looking to brush up on your knowledge of all things Hawaii? Go from novice to expert with this…

Share

CommentComments

Aviation

How Hawaiian Airlines is flying cleaner

Hawaiian Airlines is intent on lowering fuel burn and reducing carbon emissions before, during and after each flight.

Share

CommentComments

Destinations

HTO showcases Hawaiian Islands during MICE famil

Last week, Hawai‘i Tourism Oceania (HTO) hosted a group of professional meeting planners for a MICE famil on Oahu and the Island of Hawaii.

Share

CommentComments

Aviation

Hawaiian Airlines to star in new season of Seven’s ‘Step Outside with Paul Burt’

Every weekly episode of the show’s second season will feature one to two Hawaiian destination stories, along with the chance to win a Hawaiian holiday.

Share

CommentComments

Destinations

Island of Hawaii update: what’s new, and things you probably don’t know

With an abundance of culture and history to share, the island is full of unique experiences and intriguing facts that inspire first-time and returning visitors.

Share

CommentComments