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MFS bids $37 million for acquisition
Gold Cost based investment and financial services group MFS plans to create Australia’s third largest hotel management company through a $37 million takeover bid for troubled Tourism, Hotels and Leisure.
The portfolio will add 1900 rooms to MFS’s Stella Resorts Group, which already manages about 100 hotel properties, many in Queensland, making it Australia’s third largest hotel management group behind Accor Hotels and Resorts and Intercontinental Hotels Group.
Stella Resorts would have about 7100 rooms compared to Intercontinental’s 8500 and Accor’s 16,000.
Ten of Tourism, Hotels and Leisure’s properties are located in Sydney and Melbourne. Two are in Adelaide and there are single properties in Brisbane, Canberra and Perth.
They are mostly branded as Pacific International, Grand Pacific and Plaza hotels.
Graham Muldoon
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