Hotel management company Mantra Group have signed on to operate the hotel and letting apartment component of "M-City" Monash -- Saraceno Group’s $1 billion mixed-use development in Clayton.
The development will take up 3.52 hectares of land on the corner of Blackburn Road and Princes Highway, close to the university’s main Clayton campus and Monash Children’s Hospital.
The development includes a range of residential, hotel and serviced apartment accommodation as well as retail, entertainment and commercial facilities within the 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.
“In addition to its established corporate and leisure travel drivers, the suburb of Clayton will continue to benefit from ongoing urbanisation,” Mantra Group chief executive Bob East said.
“Melbourne’s annual calendar of international and domestic sporting, cultural, and convention-based events is also a proven contributor to the greater Melbourne region.”
The Saraceno Group teamed up with private developer Schiavello earlier this year after announcing the group was looking for a joint venture partner for the mixed-use project in 2014.
Schiavello and the Saraceno Group will retain the non-residential assets. Saraceno director Nick Saraceno said this was project was dream in the making for over 20 years.
“We’ve been overwhelmed by the continued support and success of Mantra Group to date," he said.
“Mantra Group, Saraceno Group and our joint venture 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 major campuses, Monash Medical Centre, the Australian Synchrotron along with excellent restaurants and shopping, such as Chadstone Shopping Centre, Westfield Southland and sporting facilities.