Mantra’s hotel management deal
The Mantra Group has just struck a deal to manage a new $70 million hotel in Melbourne’s outer-northern suburbs.
Mantra Group, known as Mantra Epping Hotel will operate the 214-room hotel which is being developed by Too Build.
The hotel at 250 Cooper Street, Epping, is due to open in mid-2019.
Designed by architect Peddle Thorp and Bruce Henderson Interiors, the four star hotel will also include apartments, a restaurant, brewhouse, conference facilities, a gym, 143 car-parking spaces and bike storage.
The hotel is located about 18 kilometres from the central business district and it is right near Melbourne's new wholesale fruit, vegetable and cut flower market and The Northern Hospital
Specifically, it is located in the Northpoint Enterprise Park which is close to The Northern Hospital and the Melbourne Market for wholesale produce.
Construction work by one of Australia's largest construction companies, Hacer Group, is scheduled to start this year.
Mantra Group chief executive Bob East said the hotel was a good fit with the group’s portfolio in Melbourne.
“This acquisition comes at an opportune time in the Australian hotel market, with hotels in Melbourne and surrounds experiencing substantial uplift in demand in recent years,” Mr East told The Australian.
“This strong performance is set to continue with further domestic and international visitation uplift forecasted for the greater Melbourne market.”
Too Build chief executive Ian Wilson told The Australian that the project would add to the next stage of Epping’s growth.
He said it was well located with nearby shops, industrial premises, the hospital and the market providing important business opportunities for the hotel.
Mantra shares have been soaring since the group listed three years ago and are up more than 70 per cent.
One reason for that might be because of the market talk earlier this year that hotel giant Marriott International was eyeing a takeover bid.
by Leon Gettler, July 6th 2017
