Tuesday, February 20, 2018
white towels prepared on bed

Mantra Group acquires Art Series Hotel Group

Mantra Group today announced it has entered into an agreement with the Deague Group to acquire the Australian-owned Art Series Hotel Group for approximately $52.5 million (excluding transaction costs), subject to customary completion conditions.

The acquisition will see seven luxury hotels added to Mantra Group’s portfolio of 128 properties under management across Australia, New Zealand, Indonesia and Hawaii.

The seven hotels are:

    • The Cullen, Prahran, Melbourne VIC
    • The Larwill Studio, North Melbourne VIC
    • The Olsen, South Yarra, Melbourne VIC
    • The Blackman, St Kilda Road, Melbourne VIC
    • The Chen, Box Hill, Melbourne VIC (which is currently in the final stages of construction and is set to open in November 2017)
    • The Johnson, Spring Hill, Brisbane QLD
    • The Watson, Walkerville, Adelaide SA

Each hotel is inspired and dedicated to Australian contemporary artists, infusing the namesake artist’s works and personality throughout the hotel to create unique art-inspired experiences.

Recognising the strength of the brand in the market, each business will continue to operate under the Art Series brand.

Mantra Group chief executive officer Bob East said the deal represents a sizeable addition to Mantra Group’s already expansive Australian portfolio.

“This acquisition enhances our existing portfolio and presents a unique opportunity for Mantra Group to increase its footprint across three key locations (Melbourne, Brisbane and Adelaide) in a single transaction,” said Mr East.

“This is a rare opportunity to acquire a collection of exceptional hotels and one which is expected to make a significant contribution to Mantra Group’s business.”

“These hotels have been operated to the highest standards by a passionate and dedicated team, and we are delighted to welcome such iconic and favoured properties to our growing network of hotels and resorts.”

“We look forward to working with the owners, team members and guests to ensure a smooth transition.”

Settlement of the Art Series Acquisition is expected to be completed in late 2017, subject to closing conditions customary for an acquisition of this nature.

About accomnews

accomnews

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Turning up the turndown service

I was recently reminded of turndown services whilst staying at a South Australian hotel. Having not requested a turndown service in some time, I arranged the service for one evening – and to my surprise, the service included everything but the ‘turning down’ of the bed.

Say g’day to Australia’s newest, largest park network

In a move that promises to transform Australia’s caravan and camping sector, Discovery Parks has acquired the Top Parks brand, creating Australia’s largest network of parks.

The big problems with booking direct

Conscious of the impact on accommodation providers, I decided to book a recent trip directly through hotel websites. To my disappointment, the process was not a simple one.