Mantra Group will operate the hotel and letting apartment component of Saraceno Group's $1 billion mixed-use development in Clayton, one of the fastest growing employment corridors in Melbourne's south-east, just 20 kilometres from the CBD.
Located on the corner of Princess Highway and Blackburn Road, the development is the largest ever undertaken in the city and includes a range of residential, hotel and serviced apartment accommodation as well as retail, entertainment and commercial facilities within the world-renowned education and medical precincts of the Monash municipality.
The full-service hotel and apartments component of the development, to be known as Mantra M-City, is due for completion in late-2020.
The 10-storey hotel will include 250 hotel rooms, conference and meeting facilities, a restaurant and bar, and onsite car parking.
Adjacent to the hotel tower, a further 180 serviced studio, one, two and three bedroom apartments will also be operated by Mantra Group.
Mantra Group Chief Executive Officer Bob East said the acquisition is a great opportunity to connect the Mantra brand to the strong market dynamics of Clayton.
"In addition to its established corporate and leisure travel drivers, the suburb of Clayton will continue to benefit from ongoing urbanisation," said Mr East.
"Melbourne's annual calendar of international and domestic sporting, cultural, and convention-based events is also a proven contributor to the greater Melbourne region."
"We're thrilled to partner with Saraceno Group on this landmark new development for Melbourne."
Saraceno Group Director Nick Saraceno said he is very excited to continue his longstanding relationship with Mantra Group, who joins the journey to realise his long-time vision for the M-City development.
"I've had this dream for over 20 years," said Mr Saraceno.
"We've been overwhelmed by the continued support and success of Mantra Group to date.
"Mantra Group, Saraceno Group and our JV Partner Schiavello are on the path to bring the dream to reality, which will provide opportunities to the Monash municipality."
The development will also include an independently operated commercial fitness centre, with a swimming pool, for hotel guests to access.
Clayton is a major Australian tech hub; home to one of Monash University's (Australia's largest university) major campuses, Monash Medical Centre, the Australian Synchrotron along with excellent restaurants and shopping, such as Chadstone Shopping Centre, Westfield Southland and sporting facilities.
Logos, product and company names mentioned are the property of their respective owners.