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JLL Hotels & Hospitality Group advises on one of the largest hospitality transactions to be announced globally in 2017
SINGAPORE, 13 November 2017 – French multinational AccorHotels has entered into a binding agreement to acquire Mantra Group Limited, an Australian listed public company that manages and leases hotels in Asia Pacific. The Global Mergers and Acquisitions (M&A) team at JLL Hotels & Hospitality Group acted as the commercial advisor to AccorHotels.
Under the terms of the agreement, AccorHotels will offer A$3.96 cash for each Mantra share including any potential special dividend, resulting in a total transaction size of approximately US$940 million (A$1.2 billion). The transaction is subject to regulatory and shareholder approvals, and is expected to close in early 2018. Once the transaction is concluded, AccorHotels' portfolio will see an addition of 127 hotels and 16,700 keys. It will be the largest hospitality transaction in Australian history and one of the largest hospitality transactions announced in 2017 globally.
"We are delighted that our Global M&A team introduced this opportunity and brought together the two companies, which have such a strong fit in terms of the markets they serve," says Mark Wynne-Smith, Global CEO, JLL Hotels & Hospitality Group.
"Accor is one of the world's finest hospitality brands with an extensive global footprint and a strong presence in the corporate travel sector in Australia and New Zealand. On the other hand, Mantra is very focused on the leisure market. This means there is little overlap in terms of their customer base, which presents a compelling opportunity to generate scale in an increasingly competitive global hospitality market."
This transaction follows on from a number of high profile M&A transactions among major hotel operator and investor groups such as AccorHotels' acquisition of Fairmont Raffles Hotels International in 2016 and Marriott International's merger with Starwood Hotels and Resorts last year. Against a background of disruption from new forms of accommodation, digital booking platforms and customer analytics, companies are striving to consolidate, drive operating efficiencies and extend both global footprint and product offerings.
Tony Ryan, Managing Director Global M&A, JLL Hotels & Hospitality Group, says: "Our M&A team has collaborated closely with Accor over the past 12 months providing strategic advice and we're immensely proud to have helped facilitate this landmark transaction. This deal represents an exciting strategic move for AccorHotels to better service the surging tourism visitation in Asia Pacific and the potential to scale the short-term apartment accommodation market globally."
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with 36,900 employees operating in 96 offices in 16 countries across the region. The firm won the 'World's Best' and 'Best in Asia Pacific' International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics. www.ap.jll.com
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