MANTRA BOOSTS PRESENCE IN CANBERRA
Written on the 8 October 2015
MANTRA Group has extended its footprint in the nation's capital after securing the leasehold on a new hotel to be opened next year.
The new Mantra branded full-service hotel will occupy a refurbished Canberra office tower, located on the corner of Northbourne and McCarthur Avenues in the inner city suburb of Turner.
The tower is being converted into a 176-room hotel as part of a new master-planned mixed-use precinct.
The development is part of the urban renewal of Canberra's key inner city suburbs by delivering a mix of residential, retail and commercial uses.
The property, which will be ready to take hotel guests towards the end of next year, will be known as Mantra Canberra Hotel and will offer 136 hotel rooms and 40 suites across eight accommodation levels.
"The key appeal of this opportunity was a gain a high quality new foothold in Canberra where we currently only operate 300 rooms across three hotels," says Michael Moret-Lalli, Mantra Group's director of acquisitions.
"The capital benefits from a growing annual events calendar and continues to show improved performance across both the leisure and corporate travel market with room for a quality, well located hotel such as Mantra Canberra."
Hotel facilities will include a restaurant and bar, conference rooms, gym, and car parking.
Mantra Group currently has a Peppers, Mantra and BreakFree hotel in Canberra which offer luxury, mid-range and economy hotel options.
The company, which listed on the ASX last year, has been ramping up its operations in metropolitan markets, with a major run of acquisitions in Melbourne and Brisbane over the past year.
The group experienced CBD revenue growth of 15.3 per cent in FY15, compared with 2.5 per cent growth in leisure resorts revenue.