Europe’s biggest hotel operator, Accor Hotels looks to drive expansion plans across Africa, through the acquisition of a 50 percent stake in South Africa’s Mantis Group.
Sebastien Bazin, the Chief Executive Officer and Chairman of the group on Thursday in a statement said that “Mantis is a pioneer in customized, 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.”
The deal that still needs a-go-ahead from the regulatory agency is to be funded with the $5.4 billion (4.4 billion euros) raised from the February 55 percent sales of the Evry’s –a France-based company– real estate business, Bloomberg reported.
Accor’s partnership deal with Mantis will see to the increase of the number of hotels owned by the company, as the transaction will add 28 hotels to the group’s portfolio and further aid its growth in emerging economies.
A leading hotel operator, AccorHotels owns, operates and franchises 3700 hotels in 95 countries, with more than 200 hotels in the Middle East and Africa. The French multinational hotel group plans to add to its list 100 hotels in Africa, come 2023.