AccorHotels buys 50% stake in South African luxury travel firm Mantis Group
AccorHotels, Europe's biggest hotel operator, has said it is going to buy a 50% stake in South Africa’s Mantis Group, as it tries to expand its presence in Africa and the luxury travel market.
The buyout will add 28 new hotels to the group’s portfolio from across the world.
Through the transaction, AccorHotels, which achieved a double-digit increase in revenue through acquisitions last year, has now taken a 50% stake in the company and has pledged to create a strategic partnership.
"Mantis is a pioneer in customized one-of-a-kind travel services in some of the most imaginative hotels across the world,” said Sebastien Bazin, Chairman and CEO, AccorHotels.
“With this strategic partnership, we are reinforcing the Group's footprint in Africa and we have access to a brand with strong roots and heritage, recognised for its commitment to preserve the environment and its prestigious credentials in the hospitality space."
Founder and Chairman of the Mantis Group, Adrian Gardiner, added: "AccorHotels is one of the fastest growing hotel and travel operators worldwide
"This agreement presents an attractive proposition for the Mantis Group to utilize AccorHotels' robust distribution channels and world-wide reach to further develop the hospitality concepts and sustainability projects we have worked so tirelessly to grow. We are excited to embark upon this new chapter alongside AccorHotels where we will act as ambassadors for the development of both our Groups' portfolios and offerings."
The French multinational hotel group currently operates more than 200 hotels in the Middle East and Africa.
AccorHotels said that it intends to open a further 100 properties in the next five years as it tries to capitalise on the continent’s growing travel market.
The firm has also shifted its focus towards the luxury hotel market segment, acquiring Raffles, Fairmont and Swissôtel, in 2016.
Minor International edges closer to NH Hotel Group takeover with €619mn deal for HNA Group stake
Minor International in lining up the full acquisition of NH Hotel Group after purchasing an additional 25.2% stake in the Spanish company for €619mn.
Thailand-based Minor revealed its plans on Wednesday having completed a deal for the extra shareholding previously held by Chinese conglomerate HNA Group, taking its current total stake in NH Hotel Group to approximately 38%.
By moving beyond a 30% stake in the company, Minor is now eligible under Spanish law to launch a takeover bid – something it plans to do within the next few months.
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NH rejected a similar approach from rival Grupo Barcelo earlier this year however and any completion is subject to the approvals of Minor’s shareholders, the National Securities Market Commission of Spain (CNMV) and clearance by relevant anti-trust authorities.
The share purchase from HNA Group will be in two tranches of 65.85mn shares to be completed on or around 15 June and 32.94mn shares, expected to be completed in September. HNA is selling as part of a wider divestment of assets through which it hopes to complete debt repayments.
“Today we are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry,” said Dillip Rajakarier, CEO Minor Hotels.
“We will be able to create a network of over 540 hotels with a reach across Asia, Oceania, the Middle East, Africa and Europe, all of which are important hospitality regions around the world. The business network will allow the two companies to capitalise on our leadership positions in key growth areas, highly complementary asset and brand portfolio, technology platform and talented employees.”