AccorHotels to acquire Mantra Group Limited - Peppers, Mantra and BreakFree

After much speculation in the market, AccorHotels has just announced the the signature of an agreement with Mantra Group Limited with the view to acquire all of the issued capital in Mantra by way of a scheme of arrangement to be approved by Mantra shareholders. Under the terms of the agreement AccorHotels would offer AUD3.96 in cash for each Mantra share including any potential special dividend.

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Photo Credit: Peppers Clearwater Resort 

Photo Credit: Peppers Clearwater Resort 

Mantra is one of Australia’s largest hotel and resort marketers and operators with 127 properties and over 20,000 rooms in hotels, resorts and serviced apartments across Australia, New Zealand, Indonesia and Hawaii. Properties in Mantra’s portfolio range from luxury accommodations and coastal resorts to serviced apartments in city and key leisure destinations, under three key brands: Peppers (28 properties), Mantra (75 properties) and BreakFree (24 properties). Mantra also manages core accommodation services including guest relations and reception areas, restaurants and bars, conference and function centres, pool and entertainment facilities and offices.  Mantra has more than 5,500 employees.

AccorHotels and Mantra’s combined geographic footprint, together with enhanced distribution and systems, would form a favorable base from which AccorHotels can expand further in the region.  Mantra’s expertise in apartment management, in particular, will offer a new opportunity for growth.