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Mantra not in talks with InterContinental, Marriott for A$1B takeover

Mantra Group Ltd. said it is not in touch with any party over potential corporate interest in the company.

The statement comes shortly after The Australian reported March 28 that global players Marriott International Inc. and InterContinental Hotels Group Plc, and local company Event Hospitality & Entertainment Ltd. are interested in buying the Australian hotel manager.

The publication, citing unnamed sources, said that Mantra is expected to receive an approximately A$1 billion offer.

Mantra's legal representative, law firm Gilbert + Tobin, is also said to have met or is planning to meet with a potential buyer by April 1, according to the report, but the firm declined to comment on the speculation.

Listed in Australia in June 2014, Mantra manages more than 21,000 hotel and resort rooms at home, and in New Zealand, Indonesia and Hawaii. According to its latest earnings statement, its total assets, as at 2016-end, are worth A$829 million.

As of March 27, US$1 was equivalent to A$1.31.