Bids close for resort owner-operator Mantra Group
Bids closed this week for the Mantra Group offering by private equity firm CVC Capital Partners.
The hotel and resort owner-operator Mantra Group could reportedly fetch somewhere more than $400 million, according to the Australian Financial Review, or more than $600 million, according to the Sydney Morning Herald report. The Australian comes in with a $520 million estimate.
Archer Capital is reportedly among the bidders, along with potential trade buyers including the French giant Accor, which secured Mirvac Hotels & Resorts in 2011. The publicly listed Amalgamated Holdings, and global players InterContinental Hotels Group and Stamford Land Corp, has been included among possible buyers.
CVC appointed UBS, a 40% co-owner of Mantra, as an adviser on the sale.
The Mantra Group operates more than 130 hotels and resorts across Australia and New Zealand.
Mantra’s earnings before interest, tax, depreciation and amortisation for 2012 will come in at $60 million, up from $45 million three years ago, according to the information memorandum.
A larger proportion of Mantra’s earnings now come from the CBD market.
