AccorHotels today finalised the takeover of Australian hotel firm Mantra Group for €830 million.

Mantra is Australia’s second largest hotel and resort operator with 135 properties and 5,500 staff.

The sale to the French hospitality giant will create Australia’s largest hotel business with 15% of the market, comprising about 370 hotels representing 53,000 across multiple brands.

AccorHotels recently sold a 55% stake in its hotel investment platform AccorInvest to some of the world’s biggest sovereign wealth funds and institutional investors for €4.4 billion.

Chief executive Sebastien Bazin said the proceeds from the sale would help fund the Mantra deal and other acquisitions.

Mantra chief executive Bob East, who is also chairman of Tourism Australia, is stepping down on finalisation of the deal.