Mantra sale off the agenda

Mantra sale off the agenda
By admin


The Mantra Group looks set to be taken off the market with no sale agreed, as chief executive Bob East confirmed reports that all offers had failed to hit the mark.

While a number of prospective buyers had presented “some very interesting opportunities”, none had met the firm’s expectations.

InterContinental Hotels Group and private equity firm Archer Capital were reportedly among the interested parties.

“Financially, the offers were generally in keeping with what we expected, but it really came down to the value we place on the business,” East told Travel Today. “It’s about what we want to do with the business – there’s more to it than just the chequebook.”

The firm is committed to developing a “bigger and better business,” he added,  with the board currently happy with its direction and performance.

“It’s a very good business,” he said. It recently posted a full year increase in EBITDA of 9% to $60.6 million.

CVC Asia Pacific and UBS will retain ownership of the business, with East saying a sale now looked unlikely within the next 12 months, although he did not rule out the possibility.

“Never say never,” he said.

Meanwhile, the firm is focusing on driving its Peppers brand, with additional CBD properties also on the agenda.
 

Latest News

  • Destinations

Tropical North Queensland action-packed events calendar for adventure enthusiasts

Sporting enthusiasts and adventure seekers are gearing up for an action-packed year in Tropical North Queensland, with a lineup of sports events and adrenaline-pumping experiences set to take centre stage in 2024. Leading the charge is the highly-anticipated return of the Crankworx World Tour ‘Paradise Edition’ to Cairns from 22-26 May 2024. The mountain biking […]

  • Travel Agents

Disney Days returns with Inside Out 2 showing in Sydney, Brisbane, Melbourne and Auckland

Time is running out for agents to register their Expression of Interest to an exclusive screening of the much-anticipated Disney and Pixar film, Inside Out 2, hosted by Disney Destinations Australia/New Zealand team and partner United Airlines. Places are limited and applications must be in by 17 May. In addition to the screening of the […]

  • Cruise

Aranui Cruises slashes prices with No Single Supplement and Half Price offers

French Polynesian cargo cruise line Aranui Cruises is slashing thousands off its 2025 Austral and Marquesas Islands cruises with an autumn sale offering 50 per cent off the second guest in a twin share room and no single supplement for solo travellers. On sale until June 21, 2024, Aranui’s 12-day roundtrip voyage from Papeete to […]

  • Destinations

Raes on Wategos celebrates 30th birthday and guests get the presents

World famous luxury boutique hotel Raes on Wategos, in Byron Bay, has launched its 30th birthday celebrations with a Raes Indulgent Escape package. Available for all stays of two nights or more, from June to August, the curated package offers an invitation to indulge in a shared celebration of Raes 30th birthday, whilst revelling in […]