This article is from the Australian Property Journal archive
ASX-listed Mantra Group has acquired the Australian-owned Art Series Hotel Group for $52.5 million, adding seven luxury hotels with more than 1,000 guest rooms across three cities to its portfolio.
The deal with Deague Group will see the hotels become part of Mantra’s 128-strong portfolio with more than 21,500 rooms across Australia, New Zealand, Indonesia and Hawaii.
Mantra operates the second-largest number of rooms in Australia across its Mantra, Peppers and BreakFree brands.
As part of the deal, the hotels will continue operations under the Art Series brand.
Five are located in Melbourne and include The Cullen in Prahran; The Larwill Studio in North Melbourne; The Olsen in South Yarra; The Blackman on St Kilda Road; and the Chen in Box Hill, which is in the final stages of construction and will open in November.
The other hotels are The Johnson in Brisbane’s Spring Hill, and The Watson and Adelaide’s Walkerville.
Launches in 2009, each Arts Series hotel takes design inspiration from its namesake artist, and features original artworks and prints throughout and dedicated art channels, art libraries, art tours and art utensils on supply.
“These boutique properties are well suited to both leisure and corporate travellers and are located in some of Australia’s hottest art and cultural hubs, most of which Mantra Group already has a long-standing and high performing presence,” Mantra CEO Bob East said.
“This acquisition enhances our existing portfolio and presents a unique opportunity for Mantra Group to increase its footprint across three key locations in a single transaction,” East said.
Settlement of the acquisition expected to be completed in late 2017.
Australian Property Journal
