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MANTRA Group (ASX:MTR) has boosted its tally of Brisbane hotels to six, after securing two new properties.
The accommodation operator has taken on the lease of Observatory Tower, with plans to convert the 24 level residential building into a serviced apartment hotel.
The first phase of redevelopment is expected to be finalised by September, with the first 50 apartments available under the name Mantra on Edward.
The remaining 114 apartments will be completed by March 2015.
CEO Bob East says the increased space from the original residential design makes it an attractive option for corporate and leisure travellers.
“This was a rare opportunity that will see us able to offer some of the largest rooms in Brisbane in a prime location,” East says.
The Diamant Hotel Brisbane has also officially been rebranded as Mantra Terrace Hotel.
The four-star offering features 84 rooms and is just one kilometre from the CBD, appealing to the corporate market.
East says it makes a welcome addition to the network and is pleased to have it “carry the Mantra name.”
The company has five hotels under the Mantra brand and one under BreakFree in the city.
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