Australia’s Mantra Group has entered into an agreement with Deague Group to acquire the local Art Series Hotel Group for approximately A$52.5 million (US$41.7 million), excluding transaction costs.
The move will see seven luxury hotels representing more than 1,000 guest rooms added to Mantra Group’s management portfolio of 128 properties and over 21,500 rooms across Australia, New Zealand, Indonesia and Hawaii.
Penthouse of The Johnson, one of the Art Series properties
The seven hotels, inspired by namesake Australian contemporary artists, are 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 (currently in the final stages of construction and set to open in November 2017); The Johnson, Spring Hill, Brisbane; and The Watson, Walkerville, Adelaide.
The hotels will continue to operate under the Art Series brand.
Mantra Group 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 (Melbourne, Brisbane and Adelaide) in a single transaction.”
The deal is expected to complete late this year.
