Mantra acquires Art Series Hotel GroupBy Staff Reporter
10 Aug 2017
Mantra Group this week announced it has entered into an agreement with the Deague Group to acquire the Australian-owned Art Series Hotel Group for approximately AU$52.5 million (US$41 million).
The acquisition will see seven luxury hotels (representing more than 1,000 guest rooms and a number of conference and event facilities) added to Mantra Group's portfolio of 128 properties across Australia, New Zealand, Indonesia and Hawaii.
The seven boutique hotels in the series are each dedicated to an Australian contemporary artist, infusing the namesake artist's works and personality throughout the property. These include:
- The Cullen, Prahran, Melbourne
- The Larwill Studio, North Melbourne
- The Olsen, South Yarra, Melbourne
- The Blackman, St Kilda Road, Melbourne
- The Chen, Box Hill, Melbourne (set to open in November 2017)
- The Johnson, Spring Hill, Brisbane
- The Watson, Walkerville, Adelaide
The Art Series brand will continue under the Mantra umbrella, which currently includes Mantra, Peppers and Breakfree brands.
Mantra Group CEO, Bob East, says the deal represents a sizeable addition to the group’s 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.”
“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. We look forward to working with the owners, team members and guests to ensure a smooth transition.”
The acquisition is expected to be complete in late 2017, subject to closing conditions.
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