$52.5 million deal includes seven luxury properties in key Australian capitals.
Mantra Group Limited has just confirmed an agreement to acquire The Art Series Hotel Group from The Deague Group.
The acquisition includes seven properties under a combination of leasehold and management letting rights operating models, comprising over 1,000 hotel suites and apartments and a number of conference and events facilities and restaurants.
Mantra said the purchase is consistent with its ongoing strategy to “selectively secure sizeable acquisitions,” giving Mantra the opportunity to expand its offering with a unique portfolio of properties in key Australian capital cities.
The purchase price of approximately $52.5 million will be funded via available cash and existing debt facilities.
Mantra ceo Bob East said the acquisition enhances the group’s existing portfolio, “and we have arrangements in place that should deliver new Art Series properties into the future”.
More details in today’s Travel Daily.