In a move that has shocked the tourism industry, Mantra Hotel Group has announced their acquisition of the Australian-owned Art Series Hotel Group for approximately $52.5 million from current owners Deague Group.
The acquisition will see seven luxury hotels added to Mantra Group's portfolio. The seven hotels are:
· The Cullen, Prahran, Melbourne VIC
· The Larwill Studio, North Melbourne VIC
· The Olsen, South Yarra, Melbourne VIC
· The Blackman, St Kilda Road, Melbourne VIC
· The Johnson, Spring Hill, Brisbane QLD
· The Watson, Walkerville, Adelaide SA
· The Chen, Box Hill, Melbourne VIC (which is currently in the final stages of construction and is set to open in November 2017)
Arts Series Hotel Group transformed the Australian hotel market when it launched in 2009. Each hotel is inspired and dedicated to Australian contemporary artists, infusing the namesake artist's works and personality throughout the hotel to create unique art-inspired experiences.
With original artworks and prints adorning the walls and halls, the multifaceted art inspired experience is complete with dedicated art channels, art libraries, art tours and art utensils on supply. Glass bottomed pools, private outdoor decking areas, state of the art gymnasiums, massive communal spaces and boutique conference and events spaces complete the picture.
Will Deague, CEO, Deague Group said;
"Over the past decade we have been deeply passionate about growing the Art Series Hotel Group around Australia and hosting millions of art inspired experiences for guests. We are very proud of what our team has achieved and are excited to hand over the brand to Mantra Group who will build the brand to future success."
Mantra Group have confirmed it will be business as usual for Art Series Hotel Group. All agreements with namesake artists remain unchanged and the new owners will focus on fostering new relationships with artists for future hotel properties.
There are currently two new hotels in the pipeline, including The Chen in Box Hill which is in the final stages of construction (by Deague Group) and will be opened by Mantra Group in November 2017, and a luxury six-star property which is set to open at Howard Smith Wharves in Brisbane in late 2018.
All Art Series properties, with the exception of The Schaller Studio Bendigo and Howard Smith Wharves will form part of the proposed transaction with Mantra Group.
Settlement of the 'Art Series Acquisition' is expected to be completed in late 2017, subject to closing conditions customary for an acquisition of this nature.
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