Mantra announces grand Asia-Pacific plans
Listed hotel management company Mantra Group has more than 20 Asia-Pacific and domestic properties in its pipeline and is venturing into Christchurch and Kuala Lumpur for the first time as part of an increased offshore focus.
The company operates well-known brands such as Peppers, Mantra and BreakFree and its director of acquisitions, Michael Moret-Lalli, says the group is intent upon snaring the management rights for a new hotel in Kuala Lumpur.
It is also in due diligence to win the management rights for a hotel in Christchurch.
Closer to home it has won the management rights for the 130-room Mantra Sydney Airport, which will open towards the end of next year.
All up Mantra is in due diligence on 15 properties, representing more than 2500 hotel rooms in the Asia-Pacific including Bali, Phuket, Singapore, Kuala Lumpur and Christchurch.
Business is tracking extremely well and we have a good pipeline, so we can’t see any reason for the (share market) fluctuations
Mantra also has its sights on several Australian cities to open more properties, on top of the previously announced eight properties, including the Mantra Richmont in Brisbane, Peppers Kings Square in Perth and the Mantra McArthur in Canberra on Northbourne Avenue, which is scheduled to open by June 2018.
Mantra shares jumped 4% in early trade yesterday.
“Business is tracking extremely well and we have a good pipeline, so we can’t see any reason for the fluctuations,” Moret-Lalli says.
Meanwhile, Jones Lang LaSalle says Mantra Group’s Australian room inventory increased by 25% in 2015, compared to Quest’s 5.3%, InterContinental’s 3.2% and Oaks’ 2.6% growth.
All up, Mantra controls 127 properties involving more than 20,000 hotel rooms under management.
This article originally appeared on www.theaustralian.com.au/property.