Accor makes $1.2b bid for hotel operator Mantra Group


SYDNEY, Oct 9 (Reuters) - France's Accor SA has bid A$1.18 billion ($920 million) for Mantra Group Ltd - a deal that would combine the two biggest hotel owners in Australia and seek to capitalise on surging tourism in the country.

Mantra shares leapt almost 16% yesterday to end at $3.76. The release went on to detail the prices associated with the offer, noting that Mantra had granted Accor access to its books and finances as part of the potential sale process.

Vetr Inc. Lowers Exxon Mobil Corporation (XOM) to Hold
The share price of Exxon Mobil Corporation (NYSE: XOM ) was up +0.28% during the last trading session, with a day high of 82.74. The Capital International Investors holds 3.65 million shares with $47.89 million value, down from 5.60 million last quarter.

Mantra oversees more than 80 hotels, resorts and apartments totaling more than 20,000 rooms under the Mantra, Peppers and BreakFree brands. According to Bloomberg Intelligence analyst, Maragaret Huang, a Mantra purchase would advance Accor's efforts to add properties in the mid- and upscale markets, especially in the Asia-Pacific region. This spike in popularity has been driven by growing Chinese travel demands.

Mantra now owns and operates more than 125 properties.

Janney Montgomery Scott Boosts Flexion Therapeutics, Inc. (FLXN) Price Target to $570.00
They expect this year's earnings to fall -7.21% year-over-year to -$1.03, followed by -39.81% decline in the next year to -$0.62. The Flexion Therapeutics, Inc . has Relative Strength Index (RSI 14) of 73.34 along with Average True Range (ATR 14) of 1.65.

"The discussions are incomplete and any entry by the parties into binding transaction documents remains subject to a number of conditions, including (without limitation) the approval of both the Mantra and Accor Boards and agreement on documentation, Mantra said yesterday". However, the growth of Airbnb in Australia has tempered expectations for hotel operators more recently.

In addition to the AccorHotels and Mantra boards, the deal would require approval from the Foreign Investment Review Board as well as the Australian Competition and Consumer Commission (ACCC).

Jarrett Guarantano to get his first start vs
There had been rumblings about Tennessee making a change at quarterback after the bye week, and now the move has been confirmed. Members of the SC football team said Tuesday morning they'd been preparing for Tennessee starting quarterback Quinten Dormady .

More information on Mantra Group hotels can be found on TOPHOTELPROJECTS, the specialized service provider in the exchange of cutting-edge information of hotel construction in the global hospitality industry.