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MANTRA Group (ASX:MTR) is set to expand its Brisbane network, when the redeveloped Observatory Tower opens as Mantra on Edward next week.
The accommodation provider has a renewed focus on the river city, growing from two hotels to six in the last 12 months.
The former residential block has been converted into a fully-serviced apartment hotel, targeted at both leisure travellers and corporate guests.
Situated on the corner of Wickham Terrace and Edward Street, 50 apartments will be offered initially with the remaining 114 apartments to be completed in March 2015.
Mantra Group CEO Bob East says Mantra on Edward will round out the company’s portfolio.
“We needed more product in the Brisbane CBD to complement our hotel at South Bank and with the four acquisitions we’ve made over the last six months Mantra now holds a very strong position as the 4-star favourite in the market,” East says.
MTR has two more developments in the pipeline, including the acquisition of Midtown Apartments next month and a new project in Fortitude Valley to open in 2016.
“We have just signed an agreement to manage another property from October and a new build property to open in 2016 will break ground later this year, and we are confident the G20 will provide a positive impact for Brisbane’s profile,” East says.
The property boasts larger than average hotel rooms, with two and three bedroom apartments up to 165sqm.
Mantra on Edward will open its doors on October 6.
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