Accor expands African hotel network through Mantis stake
AccorHotels intends to purchase a 50 percent stake in Mantis Group, as it expands in Africa.
Europe’s biggest hotel operator, AccorHotels, or Accor SA, has announced that it intends to purchase a 50 percent stake in Mantis Group. Forming part of Accor’s expansion plan for Africa, the deal will see 28 hotels added to the group’s portfolio, spanning a range of hotels, villas and luxury houseboats.
Sebastien Bazin, AccorHotels’ CEO and chairman, said in a statement:
“Mantis is a pioneer in customised, one-of-a-kind travel services in some of the most imaginative hotels across the world. With this strategic partnership, we are reinforcing the group’s footprint in Africa.”
According to Bloomberg, the France-based company sold off 55 percent of its real-estate business for $5.4 billion in February this year, to free up funds for the deal, which is currently still awaiting regulatory approval.