Art Series Hotels Sells Boutique Collection for $52 Million
Australia's famously artist-themed hotels like The Olsen, The Cullen and The Chen have been acquired by Mantra Group.
International hotel giant Mantra Group has entered into an agreement to purchase the Art Series Hotels for a cool $52.5 million. The agreement will see the seven Art Series Hotels join the Mantra's ever-expanding family, which currently holds 128 properties and more than 21,500 rooms across Australia, New Zealand, Indonesia and Hawaii.
Each of the seven boutique Art Series Hotels is dedicated to and inspired by iconic Australian artists, meaning each location has a distinct personality and aesthetic — some of them even made it into our best boutique hotels feature. There's The Cullen in Prahran, The Larwill Studio in North Melbourne, The Olsen in South Yarra, The Blackman on St Kilda Road, Melbourne, The Chen in Box Hill (currently in the final stages of construction and set to open in November 2017), as well as The Johnson in Spring Hill, Brisbane and The Watson in Walkerville, Adelaide.
"This is a rare opportunity to acquire a collection of exceptional hotels and one which is expected to make a significant contribution to Mantra Group's business," says Mantra group chief executive officer Bob East. "These hotels have been operated to the highest standards by a passionate and dedicated team, and we are delighted to welcome such iconic and favoured properties to our growing network of hotels and resorts."
The acquisition is expected to be settled later this year.
Published on August 08, 2017 by Sophie Goulopoulos