Based on recent Media articles, MTR seems to be on track if not doing better than its forecast....fear clouds rationale ... sometimes it requires a dramatic fall in share price to pique the interest of fund managers and then the shares move up
DYOR
Mantra appoints Andrew McTaggart its new development manager as group ramps up expansion plans
Jenny Rogers, Gold Coast Bulletin
January 25, 2017 1:00am
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GOLD Coast hotels and resorts operator Mantra Group’s new development manager says the group has “aggressive” growth plans in key Asian destinations and is eyeing hotel buys in Hawaii and mainland US.
Andrew McTaggart said Mantra’s key domestic markets, Australia and New Zealand, also will see major growth.
Mr McTaggart has taken on the role at the listed Surfers Paradise-based group as it ramps up expansion plans.
He has worked for more than 25 years in hotel operations, finance, development and acquisitions with Hilton, SPHC, Accor and its timeshare division, Accor Premier Vacation Club, in roles including hotel general manager, general manager of acquisitions and chief financial officer.
The Broadbeach Waters local said he plans to execute the acquisition-hungry hotel group’s expansion plans.
“My job is all about looking for and securing new properties under the Peppers, Mantra or BreakFree brands,” he said.
“We have some aggressive plans for growth in new complementary offshore destinations including key Asia Pacific nations such as Thailand, Singapore and Malaysia, and we’re looking at further hotel opportunities in Hawaii and mainland US.
“That said, Australia is still our core market and where we see most of our growth in the next 12-18 months.”
Mr McTaggart said new opportunities are hard to come by in Australia’s mature market but believes Mantra is well placed to benefit when they arise.
“The flexible business models we offer — from hotel management agreements, to leases, to management letting rights of serviced apartments and also franchising — give us a wide range of solutions to take to the market,” he said.
In the past two years, Mantra has added 22 properties to its portfolio and holds 127 properties in four countries.
“Most of my career has been taking on jobs that were in need of major repair. The Mantra Group development team have a stunning track record in the industry for great work so, rather than fixing problems, I am very excited to be working in a well-oiled team that has consistently sets new standards of achievement,” Mr McTaggart said.
Despite its shares being at a low ebb, Mantra executive director of acquisitions Michael Moret-Lalli said the group is on track for another solid year of business growth.
“In FY2016, Mantra Group increased its portfolio by 11 new properties, adding more than 3000 rooms to its inventory and making it Australia’s fastest growing hotel group,” Mr Moret-Lalli said.
“The wealth of expertise offered by Andrew, combined with seven acquisition announcements in the first half of FY2017, positions us well to exceed last year’s record result.”
Mantra, which posted FY16 net profit of $37.1 million, up 2.7 per cent, in November reaffirmed its FY17 EBITDA guidance of between $101 million and $107 million and net profit of between $51 million and $55.5 million.
Mantra boss Bob East earlier said Mantra is looking for further hotel buys in Hawaii and mainland US after the success of its $71 million foray with the Ala Moana hotel.
Mr East said Mantra will continue to focus on domestic growth and that the group will build new large-scale hotels on the Gold Coast, that will enter its portfolio in FY2019.
Shares in Mantra, which details its half-year results on February 17, closed 2¢ lower at $2.86.
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