Mantra rolls out red carpet for Accor's A$1.18b bid

Sydney

AUSTRALIA'S No 2 hotel company Mantra Group agreed on Thursday to a A$1.18 billion (S$1.24 billion) buyout from Accor, a deal which would join the country's top two hotel groups at a time when tourism is rising sharply.

The deal would give the combined group about 50,000 rooms or about 11 per cent of Australia's hotel market, according to IBISWorld statistics.