Mantra operates 127 hotels, resorts and serviced apartments with more than 20,000 rooms in Australia, New Zealand, Indonesia and Hawaii. The company’s brands include Mantra, Peppers and BreakFree.

Sebastien Bazin, chief executive of AccorHotels, said: “We are delighted to have come to an agreement to acquire the Mantra Group. This operation will underpin our long-term growth in the Asia Pacific region.

“Mantra’s portfolio would offer AccorHotels additional accommodation formats and a strong customer base to complement our successful hotel portfolio in Australia. We are confident that the transaction terms are attractive for shareholders of both groups.”

Accor has been on a buying spree in recent weeks having snapped up a 50% stake in Orient Express, which it plans to use to create a new brand of luxury hotels. Accor also purchased hotel reservation company Gekko in a deal worth €100 million earlier this month.

Mantra chairman Peter Bush added: “AccorHotels is one of the world’s leading hotel operators and we trust that our business will be in good hands. 

“Mantra’s strong expertise in apartments, in particular, and our presence in resort locations are very complementary to the AccorHotels operations in Australia and New Zealand.”