PEPPERS has officially pushed into its first CBD market, prompting Mantra Group (ASX: MTR) to explore further opportunities to expand the hotel brand which, until now, has traditionally been linked to resort properties.
“It has always been our objective to take the Peppers brand to CBD locations and it is great to see Peppers in the national capital,” says Mantra Group CEO Bob East.
“We have a brand new Peppers development set to open in Melbourne’s Docklands precinct in 2016 and will continue to seek out further CBD opportunities in the meantime.”
Peppers Gallery Hotel Canberra, formerly known as the Diamant Hotel, is a boutique 80-room property located in the city’s vibrant New Acton precinct.
The property has been a part of the Canberra landscape for almost 90 years, opening its doors in 1927 as the Acton Hotel and hosted VIP guests arriving in Canberra for the grand opening of Parliament House in May that year.
The Surfers Paradise-based Mantra Group has the capacity to accelerate expansion of its hotels business following a share float in June that raised $239 million for its private equity vendors, CVC Asia Pacific and UBS.
The company operates three hotel brands, including Mantra and BreakFree, across 113 properties in Australia, New Zealand and Indonesia, with Mantra traditionally positioned as its CBD brand.
Mantra shares have continued to rise above their $1.80 issue price after a modest debut on June 20, last trading at $1.95.
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