Expansion remains firmly on the agenda for Mantra Group, with additional properties in Australia, New Zealand and Asia to join its combined portfolio this financial year.
The 12 months to June saw the company add 11 new properties to its portfolio, including its first CBD property under its Peppers brand, as it share price rose approximately 90% following its listing on the Australian Stock Exchange in June 2014. Earnings for the year finished up above those forecast in its IPO prospectus and at the upper end of the updated guidance issued in May 2015.
“The increased focus on growth and development aimed at increasing Mantra Group’s portfolio and room inventory in strategic aligned properties and locations continued to gain momentum in FY2015 with acquisitions of properties in each of its three complementary brands – Peppers, Mantra and BreakFree,” chairman Peter Bush and chief executive Kerry Robert East said in a statement to shareholders.
The next year will see that growth continue, they confirmed, with the focus on “strategically aligned” CBD and leisure destinations in Australia, New Zealand and Asia. The group added five new properties to its portfolio in the first two months of the 2016 financial year.
“Four of these properties acquired as part of the Outrigger acquisition are located in popular leisure destinations which significantly increase Mantra Group’s prominence in these locations,” Bush and East said.
“The successful transition of the Soul, Surfers Paradise property further complemented the Peppers brand in another prime leisure destination.”
Other priorities for the coming year will be to ensure the accommodation group is “well positioned” to capitalise on forecast inbound tourism growth, particularly from the Chinese and other Asian markets.