HWL Ebsworth is advising Mantra Group Limited on its acquisition of the Art Series Hotel Group from the Deague Group for $52.5 million. Entry into binding agreements (subject to customary completion conditions) was announced yesterday.
The transaction encompasses the acquisition of seven hotels in Melbourne, Brisbane and Adelaide under a combination of leasehold and management letting rights operating models.
Mantra Group (ASX:MTR) is a leading Australian accommodation operator with the second largest network of hotels, resorts and serviced apartment properties in Australia (by total room number). Mantra Group has a total portfolio of 125+ properties and over 20,000+ rooms across Australia, New Zealand, Hawaii and Indonesia.
The Art Series acquisition is consistent with Mantra Group’s ongoing strategy to selectively secure sizeable acquisitions and presents an opportunity to expand its portfolio of hotels in cultural hubs in key Australia capital cities.
The HWL Ebsworth team is led by Sam Dwyer (Corporate Partner, Melbourne), Tim Graham (Owners Corporation Partner, Melbourne), and Paul Lewis (Special Counsel, Melbourne).
Frank Xenos (Property Partner, Melbourne), Matthew Powell (Property Special Counsel, Melbourne), Damien Foulis (Property Partner, Adelaide), Jonathan East (Property Partner, Brisbane), Craig Willey (Property Special Counsel, Brisbane) and Matthew Craven (IP & IT Partner, Melbourne) are assisting with specific elements of the transaction.
Sam Dwyer commented: “It was a great experience working with Mantra Group’s highly driven and knowledgeable acquisitions and in-house legal teams in what is a complex transaction with myriad site specific considerations.”
“This deal marks yet another successful hotel sale that our team has worked on in recent times, having completed the sale of the Tune Hotel, Carton and acquisition of the Sheraton Mirage by Fullshare Holdings in 2016 and the sale of the Forest Resort in Creswick, Victoria to RACV in late 2015.”
Simone Menz (Partner) and Louise Doyle (Senior Associate) of King and Wood Mallesons acted for the Deague Group on the transaction.
ASX Media Release: http://www.asx.com.au/asxpdf/20170807/pdf/43l6p0hlxp49yb.pdf
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