Image: The Johnson, Spring Hill, Brisbane
Mantra Group today announced it has entered into an agreement with the Deague Group to acquire the Australian-owned Art Series Hotel Group for $52.5 million.
Inspired by Australian contemporary artists, the Art Series Hotels are located in Melbourne, Adelaide and Brisbane.
The acquisition will see seven luxury hotels - more than 1,000 guest rooms - added to Mantra Group’s portfolio of 128 properties and 21,500 rooms across Australia, New Zealand, Indonesia and Hawaii.
“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," Mantra Group Chief Executive Officer Bob East said.
“These hotels have been operated to the highest standards by a passionate and dedicated team, and we are delighted to welcome such iconic and favoured properties to our growing network of hotels and resorts.
“We look forward to working with the owners, team members and guests to ensure a smooth transition," he said.
The Blackman, St Kilda Road, MelbourneThe sale was handled by Resort Brokers’ agents Trudy Crooks and Tim Crooks.
“It has been gratifying to play a key role in what is an historic event in Australia’s changing and growing accommodation landscape – the passing of one premium hotel brand to another home-grown hotels success story,” Tim Crooks said.
Trudy Crooks hailed the innovative success story the Deague Group began when they opened their first Art Series Hotel, The Cullen, in 2009.
“Art Series Hotels, thanks to the drive and creativity of the Deague family, has grown into a very influential, high profile brand showcasing Australia’s finest contemporary artists.
“That brand will be retained by Mantra Group which, now with 135 properties, is our largest Australian-owned and locally-based hotel operator,” Ms Crooks said.
The Larwill Studio, North MelbourneEach business will continue to operate under the Art Series brand.
The seven hotels: