AGM Caps Off Year Of Growth For Mantra Group
The Annual General Meeting (AGM) for leading Australian-based hotel and resort operator, Mantra Group (ASX: MTR), was held today (22 November 2017) in Brisbane at the Group's Mantra on Queen hotel.
"Underlying NPAT was $47.2 million, which is up 14.2% on FY16, and underlying EBITDAI was $101.2 million representing a 12.7% increase on FY16," said Mr Bush.
"This strong performance was driven by acquisitions and was supported by strong revenue growth from the key markets of Sydney, Melbourne, ACT, and Sunshine Coast, a $4.9 million increase in revenue from our Central Revenue & Distribution segment, improved occupancy levels, higher average room rates, an increase in the total number of rooms available and improved efficiencies."
He also provided a brief update relating to the Scheme Implementation Agreement with AccorHotels for the proposed acquisition by AccorHotels of the Mantra Group business, which was announced to market on 12 October 2017.
The Scheme Implementation Agreement contemplates the acquisition by AccorHotels of all the shares in Mantra Group and remains subject to a number of customary conditions including the approval of Mantra's shareholders and the Federal Court of Australia, as well as regulatory approvals including from Australia's Foreign Investment Review Board and the Australian Competition and Consumer Commission (ACCC).
Mantra Group Chief Executive Officer Bob East said strategic pipeline growth continued to be a key focus for the Group in FY17, which added six properties across several brands and operating models.
New properties joining the Mantra Group portfolio in FY17 included the 1,176 room Mantra-branded Ala Moana Hotel in Honolulu Hawaii, Mantra Residences @ Southport Central, Peppers Kings Square Hotel at Perth, Mantra the Observatory at Port Macquarie, Mantra Club Croc at Airlie Beach and Tribe Perth (Mantra Group is managing Tribe Perth as its first external brand).
Today also marks the settlement of Mantra Group's acquisition of the Art Series HotelGroup, which was acquired for $52.5 million, adding seven luxury hotels (representing more than 1,000 guest rooms and including a number of conference and event facilities, restaurants and luxury hotel-style amenities) to the Group's portfolio.
"This landmark acquisition demonstrates Mantra Group's ability to identify and secure sizeable assets," said Mr East.
"This acquisition enhances Mantra Group's already extensive portfolio with a selection of unique properties in cultural hubs in Australian capital cities, offering our guests additional experience options under this unique brand."
Mantra Hotel at Sydney Airport, FV by Peppers at Brisbane and Mantra MacArthur Hotel, Canberra also joined the Group's portfolio since 30 June 2017.
At the AGM, shareholders adopted all resolutions, including the re-election of Board members David Gibson, Melanie Willis and Elizabeth (Liz) Savage. They are all Independent Non-Executive Directors.
About Mantra Group
Mantra Group is the leading Australian-based hotel and resort operator. Mantra Group"s portfolio consists of 128 properties with more than 21,000 rooms in properties under management, across Australia, New Zealand, Indonesia and Hawaii. Operating three well-known and trusted brands – Peppers, Mantra and BreakFree - MantraGroup operates the second largest network of accommodation properties in Australia (by room number). The Group is positioned to offer both leisure and business style accommodation ranging from full-service city hotels and self-contained apartments to luxury resorts and retreats. The Group successfully listed on the ASX in June 2014 and in its first year as a public company was elevated to the ASX 200: