Mantra Group said it has agreed to US$900 million cash offer from France’s Accor SA (AC.FR), bringing together the two largest hotels groups in Australia.
Mantra, one of Australia’s largest hotel and resort groups, operates 127 properties and more than 20,000 rooms in hotels and serviced apartments across Australia, New Zealand, Indonesia and Hawaii.
Accor runs thousands of properties in 95 countries, and already operates about 200 hotels in Australia that offer more than 27,000 rooms under its Ibis, Novotel, Mercure and other brands. At the end of 2015, the French company agreed to buy FRHI Holdings Ltd., the Toronto-based parent of Fairmont, Raffles and Swissotel brands, for more than US$3 billion.
Sébastien Bazin, Accor Hotels chairman and chief executive, said: “We are delighted to have come to an agreement to acquire the Mantra Group. This will underpin our long-term growth in the Asia Pacific.”
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He said Mantra’s portfolio would offer “additional accommodation formats and a strong customer base” to complement Accor’s existing properties in Australia.
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