Deals
Accor Buys Mantis Stake to Expand African Hotel Network
- Deal with Mantis forms part of emerging-market growth plans
- Accor intends to add another 100 hotels in next five years
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Accor SA, Europe’s biggest hotel operator, plans to buy a 50 percent stake in South Africa’s Mantis Group as part of its expansion plans on the continent.
The Mantis transaction will add 28 hotels to the group’s portfolio that ranges from hotels and villas to luxury houseboats, Accor said Thursday. The Evry, France-based company sold off 55 percent of its real estate business for 4.4 billion euros ($5.4 billion) in February to fund the deal and further its growth in emerging economies.