"AccorHotels will pay AUD$1.3 billion, equivalent to 0.9 billion" euros, the French hotel giant said. Mantra put the figure at slightly lower - AUD$1.25 billion, including debt. The buyout is expected to be completed by the end of the first quarter of 2018, should Mantra's shareholders agree to it, AccorHotels said.
Mantra Hotels owns 127 resorts, hotels and apartments in Australia, New Zealand, Indonesia and Hawaii, operating more than 20,000 rooms. The company, which employs 5,500 people, also owns the BreakFree Holidays and Peppers holiday services. In August Mantra posted half-year profits of AUD$45.6 million, a 22.7 percent jump. Leading European multinational AccorHotels owns Sofitel, Pullman, Novotel, Mercure and Ibis. It operates 4,200 hotels with over 600,000 rooms.
Copyright Agence France-Presse, 2017