Earlier this week Mantra Group made the huge announcement that they entered into an agreement with the Deague Group to acquire the Australia-owned Art Series Hotel Group for approximately $52 million. In what is a big step forward for the hotel group, Mantra will be welcoming a series of seven luxury hotels that span more than 1,000 guest rooms, a number of conference and event facilities, restaurants and luxury amenities, not to mention the unique character that has come to define the string of art-inspired Australian hotels.
This brings Mantra’s expansive portfolio to 128 properties and more than 21,500 rooms across Australia, New Zealand, Indonesia and Hawaii. This impressive number now includes seven Art Series properties, including Melbourne’s highly regarded The Cullen alongside The Olsen, The Larwill (see our review HERE) and The Blackman; Brisbane’s The Johnson, which opened last year; and Adelaide’s The Watson. Another Melbourne property, The Chen, will be included in the aquisition and is the final stages of construction, set to open in November of this year in the Melbourne suburb of Box Bill.
Each individual hotel in the Art Series is defined and inspired by Australian contemporary artists, maintaining a charming and unique dedication to their works and personality which inform the respective hotel’s design to create inventive art-inspired accommodation experiences. It’s a character trait that has seen Art Series become a very strong brand in Australia, and in recognising this Mantra will continue to operate each boutique property under the Art Series brand.
“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”, said Mantra Group Chief Executive Officer Bob 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”.
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.