MFS increases hotels exposure
Phil Adams
MFS Limited has moved further into the hotels management sphere, announcing today that it had entered into an agreement with the Stockland group to acquire the Saville Hotel management business for $114 million.
MFS managing director Phil Adams said the Saville Hotel group would now be integrated into the MFS Stella Resorts division, which manages other apartment-style accommodation under the Peppers, BreakFree, Bale, Pacific International and Mantra Brands.
Adams said MFS and Stockland had also agreed to establish an ongoing relationship for potential mixed-use development projects in the future, under which MFS would become a preferred partner in the management of any new serviced apartment projects developed by Stockland in Australia.
Stockland announced its intention to dispose of the Saville business in August and said it had received significant interest from buyers in both Australia and overseas.
AUTHOR
Mike Taylor
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