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Mantra to operate hotel, rental units at Saraceno's A$1B project in Melbourne

Mantra Group Ltd. has signed an agreement with Saraceno Group to operate the hotel and rental apartment portion of the latter's A$1 billion mixed-use development in Melbourne's Clayton suburb.

Mantra will operate the 10-story hotel, which will offer 250 hotel rooms and other amenities, and an adjacent building featuring 180 serviced apartments, both of which are due for completion in late 2020.

The mixed-use development, understood to be the largest-ever in Melbourne, also includes retail, entertainment and commercial spaces within the Monash municipality.

Earlier in October, AccorHotels entered into a binding agreement to acquire all of Mantra's shares in cash for A$3.96 apiece, via a scheme arrangement, with the bid representing an implied market capitalization of A$1.18 billion.