AccorHotels announces that the scheme of arrangement with Mantra Group has been implemented. Total consideration for the transaction was AU$1.3bn, i.e. €830m.
Michael Issenberg, Chairman and CEO of AccorHotels Asia Pacific said, “The Mantra Group is the latest chapter in the strong growth story of AccorHotels in the region. Since our launch with the Novotel Sydney on Darling Harbour in 1991, AccorHotels has become the largest hotel group in the Pacific, and Australia has always played a key role in that story.
“AccorHotels is a significant contributor to the Australian tourism industry, and this deal is a signal of our confidence in Australia both as an attractive destination for global travellers but also as a feeder market for our Asia Pacific and wider network.”
At the close of the deal, AccorHotels will operate over 330 hotels and resorts across Australia and over 900 throughout Asia Pacific. AccorHotels will also be the largest employer on the Gold Coast, outside of government.
Bob East, CEO of Mantra Group said, “I am immensely proud of the great company we’ve built and what we’ve achieved as an Australian-based business. It’s been an enjoyable journey for me leading the team since 2007 through to our float on the ASX in 2014 and now closing this deal with AccorHotels. I have enormous belief in the business and the team here is looking forward to working with Simon and AccorHotels to continue this success.”
The Mantra Group leadership team will continue to be based in the Gold Coast office, reporting to Mr McGrath, in line with all other AccorHotels Pacific business units.