Mantra Group

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AccorHotels today announced that it has completed its acquisition of Mantra Group for $1.2 billion.
The deal includes the Mantra, Peppers, BreakFree and Art Series brands, representing 138 hotels in Australia, New Zealand, Hawaii and Bali.
Michael Issenberg, chairman and CEO of AccorHotels Asia Pacific described the Mantra Group as the "latest chapter" in the strong growth story of AccorHotels in the region. 
"Since our launch with the Novotel Sydney on Darling Harbour in 1991, AccorHotels has become the largest hotel group in the Pacific, and Australia has always played a key role in that story.
 AccorHotels will now operate over 330 hotels and resorts across Australia and over 900 throughout Asia Pacific.
AccorHotels will also be the largest employer on the Gold Coast, outside of government.
Simon McGrath, COO of AccorHotels Pacific noted the Mantra Group had built an innovative business "focused on the best partnership experience for its 10,000 strata title owners."
Bob East, CEO of Mantra Group said it had been "an enjoyable journey for me leading the team since 2007 through to our float on the ASX in 2014 and now closing this deal with AccorHotels..” 
The Mantra Group leadership team will continue to be based in the Gold Coast office, reporting to Mr McGrath, in line with all other AccorHotels Pacific business units. 
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AccorHotels completes $1.2 billion Mantra acquisition

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Hotel and resort operator Mantra Group has paid a record $28 million for management rights for about 1,000 off the plan apartments coming up in Brisbane's Fortitude Valley.
The three-tower precinct is being built by Tim Gurner's firm Gurner and will be christened FV by Peppers, marking the entry later this year of Mantra's luxury Peppers brand in Brisbane, according to a report in The Australian Financial Review.
The FV deal was negotiated by Trudy Crooks and Tim Crooks of Resort Brokers Australia. "We can confirm the deal for the management rights to FV is the biggest ever transacted off-the-plan," she was cited as saying by the AFR.
The previous highest price secured for Queensland management rights is believed to be the $20 million paid by Mantra in 2015 to manage about 160 holiday apartments, restaurants and amenities at Surfers Paradise high-rise Soul under the Peppers brand.
Gurner said as a Peppers-branded residence, FV would offer residents the services akin to a luxury international hotel.
"Although we had a number of offers from competing international groups at higher levels, we felt the balance sheet, strength and resources behind the Peppers brand and Mantra Group business would deliver the outcome we insist on for such a large and iconic project," Gurner said.
More than 80 percent of the 970 apartment in FV have been sold to investors. Amenities include pools, private spa areas, a gymnasium, private dining and moonlight cinema areas. 
At about $28,000 per apartment, the FV deal sets a new benchmark in Brisbane management rights with previous similar deals being struck at rates of between $12,000 – $20,000 per apartment.
Resort Brokers Australia’s Crooks said having the backing of Mantra and the Peppers brand would be vital for FV apartment owners "in a competitive rental market".
FV by Peppers will be Mantra's largest property in Australia and its second largest globally, after the 1,176-room Ala Moana Hotel in Hawaii.
"FV presents us with an excellent opportunity to secure a presence of scale and quality in a prominent location and grow our permanent rental business, with potential short-term accommodation opportunities also foreseeable," said Mantra Group CEO Bob East.
In August last year, Mantra acquired the management rights to nearly 800 apartments on the Gold Coast in a deal with the Raptis Group, having pulled out of an earlier deal to manage about 1,500 apartments across seven towers developed by Metro Property Development.
Two of the FV towers are due for completion in the third quarter of the year with the third tower now under construction and due for completion in 2019.
Brisbane Lord Mayor Graham Quirk said the arrival of Mantra's Peppers brand would be "another exciting boost for the local economy".
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Mantra pays record $28 million for management rights to Gurner's FV in Brisbane

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Mantra Group has announced the addition of two hotels in Adelaide and Melbourne, with CEO Bob East saying it was indicative of Mantra Group's focus on growing its CBD network across its three brands – Peppers, Mantra and BreakFree.
“We have made substantial additions to our CBD network with eight hotels added over the last 12 months in Brisbane, Sydney, Canberra, Hobart and Launceston and I am pleased to announce these new additions in Adelaide and Melbourne in what has been a solid year of growth for Mantra Group.”
The group will manage the 202 room Adelaide hotel under the up-market Peppers brand after the Peppers Adelaide Hotel is officially launched on 1 September 2015. 
It will be the first Peppers property in Adelaide and join two Mantra and two BreakFree hotels to bring the total number of Mantra Group hotels to five in Adelaide CBD.
Mantra Group will work with Hotel Invest Pty Ltd to upgrade the property.
Peppers Adelaide Hotel will join Peppers Gallery Hotel Canberra and Peppers Seaport Launceston in the existing portfolio, with new build Peppers properties set for completion in Docklands Melbourne and Kings Square Perth in 2016.
The group is also set to open in the heart of Melbourne CBD with the management of Darling Towers at 233 Collins Street. The property will rebrand as BreakFree on Collins this week and undergo a refurbishment program over the coming months.
The hotel offers 193 one and two bedroom apartments.
BreakFree on Collins will join a network of six CBD BreakFree properties across Australia, including BreakFree Bell City in the greater Melbourne suburb of Preston.   
It will bring the number of Mantra and BreakFree properties in Melbourne to twelve.
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