Mantra Results Spur Refurbs in CBD Hotels
Mantra Group has experienced a strong start to 2012 reporting a 5% increase in revenue and a 7% growth in RevPAR for the January-March quarter compared to 2011.
Mantra Group CEO Bob East attributes the uplift in its 21 CBD hotels to increased activity in the mining sector and consistent leisure travel capitalising on major events and festivals which also resulted in gains for regional tourism. The business travel sector has also made a strong return in all capital cities.
A $20 million refurbishment program across seven of Mantra’s CBD properties that started in July 2011 is part of a two year investment.
A $7 million refurbishing investment was made at four of the Melbourne properties – Mantra 100 Exhibition, Mantra on the Park, Mantra on Russell and Mantra on Little Bourke. A further $3 million was spent on upgrading the Mantra on The Esplanade in Darwin and $2.5 million on Mantra on Queen in Brisbane.
Mantra’s Sydney properties, Mantra Parramatta and Mantra Chatswood are due to complete refurbishing in June.
“It was encouraging to see our CBD properties perform ahead of the market either in occupancy, RevPAR or rate growth, as well as regional areas such as North Queensland which also performed well during what is traditionally the low season,” Mr East said.
Highlights include Perth where a 31% RevPAR growth was driven by strong rate growth as a result of the region’s mining boom. Similarly the year on year growth in occupancy and rate to see a 9% RevPAR growth in Brisbane reflected an increase in demand from the mining sector and ongoing demand from leisure travellers.
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