G20 hits sweet spot for Mantra

G20 hits sweet spot for Mantra

Mantra Group has reported total revenue of $252.7 million, up 9.4% for its first half for the year ending 31 December 2014.

According to chief executive officer, Bob East, the group “performed strongly” and improved occupancy levels and average room rates following cost control measures and improved efficiencies in key areas of the business.

Strong conference and corporate demand in key cities, Melbourne, Adelaide and Darwin, and the G20 in Brisbane also attributed to increased occupancy levels, as its CBD properties delivered revenue of $136.4 million and EBITDAI of $25.1 million, up $16.2 million year-on-year.

Adding five hotels in the first half of FY15, with one property joining in January, the group reported $12.1 million from its revenue was derived from new properties.

The company’s resorts delivered revenue of $95.1 million, up 3.6% in H1FY2014, benefitting in growth from both domestic and international visitation, with occupancy up 5.4% period on period.

Property pipeline is said to be strong with two Tasmanian and one Christchurch property scheduled to join Mantra in April 2015.

Currently the group operates 114 properties across the Mantra, Peppers and Breakfree brands.

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