BOB EAST CEO UPDATE
FY16 was another successful year of portfolio growth for Mantra Group and in the year ahead, acquisitions will remain central to our growth, as we seek to capitalize on favourable market conditions and our financial capacity to invest.
In this edition of ADVANCE, we were delighted to announce Mantra Group’s landmark acquisition of the 1,176-room Ala Moana Hotel condominium business in Honolulu. Due to settle in July, this acquisition is a truly exciting advancement for our company and a solid platform from which to enter a new offshore market. The condominium hotel business model is strongly aligned to Mantra Group’s core expertise, motivating us to commence work on exploring other similar opportunities in Hawaii and elsewhere in the U.S.
More broadly, our approach to expansion in the financial year ahead will be characterised by a range of funding, equity participation, leasehold and management solutions, demonstrating Mantra Group’s adaptability and preparedness to commit capital to secure the right opportunities.
Ahead of the announcement of our FY16 results, I am pleased to reconfirm our most recent guidance to the ASX, which included the updating of our forecasted EBITDAI of $84m to $87m (August, 2015) to $88.5m to $90.5m, well ahead of our FY15 EBITDAI of $73.1m. We look forward to sharing more information with you as it becomes available and wish you a successful year ahead.