Hotels

ASX announces removal of Mantra Group as acquisition date nears

Mantra Group shareholders have voted to approve the hotel and resort operator’s sale to Accor.

The Australian Financial Review (AFR) reports 96 percent of shareholders approved the arrangement deal struck at $3.96 per share.

It comes as S&P Dow Jones announced in a statement on ASX indicating it will remove Mantra Group Limited from the S&P/ASX 200, subject to the final court approval of the scheme.

The group will be removed effectively at open of trading on May 24, 2018.

After this, Mantra shares will no longer trade on the ASX.

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.

Accor officially takes control of Mantra Group on May 23.

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.

SEE WHAT PEOPLE ARE SAYING

Leave a Reply

Events

Bali travel forced to refund attendees after “underwhelming” event

A festival aiming to quench the thirst of those who would rather be in Bali right now was forced to issue refunds and offer free entry after attendees claim they were lied to.

Share

CommentComments

Tourism

ScoMo “in no hurry” to reopen Australia’s international borders

It appears the likelihood of more travel bubbles being announced soon is about the same as ScoMo’s beloved Sharkies winning the NRL Premiership this year … not good.

Share

CommentComments

Destinations

YIPPEE! Two-way trans-Tasman bubble finally kicks off

Today is the day, folks! As of midnight last night, the two-way trans-Tasman bubble is FINALLY open! Get the lowdown on NZ flights and tour discounts right here.

Share

CommentComments

Technology

“Do not trust the GPS”: Google Maps places rural town 85km north of its actual location

According to the mayors of a handful of rural Aussie towns, this isn’t the first time the popular travel app has caused problems for them.

Share

CommentComments

Travel Agents

“We call it the triple win”: Global Work & Travel launches new affiliate program

Have you been searching for ways to earn some much-needed moolah ever since JobKeeper ended? Here’s one that doesn’t involve busking on the street or spinning signs.

Share

CommentComments

Cruise

CLIA to welcome 18 new ships with virtual showcase

The association is bringing you all the latest vessel news from the maritime world with this exclusive showcase.

Share

CommentComments

Hotels

GM appointed to lead Best Western’s newest Aussie hotel

Australia’s newest luxe boutique hotel has named its GM who, according to the accompanying press photo, has a strong beard game.

Share

CommentComments

Travel Agents

Savenio restructures commission model

There’s been plenty of tszujing happening over at Savenio lately. However, that’s not to suggest the “Fab Five” paid the agency network a visit.

Share

CommentComments

Aviation

Qantas still committed to October restart for international flights, says Joyce

Qantas’ CEO doesn’t plan on letting a few vaccine “speedbumps” get in the way of the flying kangaroo going international in October.

Share

CommentComments

Cruise

Florida Governor sues CDC and Biden administration, demanding resumption of cruising

The lawsuit claims the US government is “singling out” the cruise industry and costing the state billions.

Share

CommentComments

Destinations

Man blows almost $20,000 after refusing temperature check at Disney World

Today, in what NOT to do at Disney World, we bring you reports of a man who blew almost $20,000 after getting kicked out for refusing a temperature check.

Share

CommentComments

Road & Rail

Rail Europe launches fresh e-learning program for agents

Are you looking to get your rail bookings back on track? Go full steam ahead with this new online training tool.

Share

CommentComments