PLANS to sell the central Albury building which has become home to the Mantra Hotel have been put on hold.
But agent Gus Moors confirmed the building owner, John Russell, wanted the property to establish some trading history before deciding whether to re-ignite plans to sell in the future.
“We’re not actively chasing buyers for it at this point in time,” Mr Moors said.
“We want to see how it performs and form a view down the track.
“There is no set timeframe at this point.”
The $40 million-plus Mantra Hotel will be officially opened on Wednesday after starting trading on May 1 with 40-plus staff working in the business.
Albury mayor Kevin Mack will officially open the hotel on a day of activities which includes a private tour for VIP attendees who will also be treated to lunch and wine-tasting at the La Tierra restaurant and bar with head chef Andrew Milton and award-winning Rutherglen family winemakers Campbells.
Mantra Group’s executive director of operations Mark Hodge will also be in attendance.
Albury Mantra is the most recent hotel to be opened by the company and is one of the highest rated properties of its type in the city.
The hotel is the final major piece in the Volt Lane redevelopment which started in the early 2010s.
It was originally going to be operated by the Accor Group before a switch to Mantra.
The multi-deck carpark and ATO offices were the first to be completed with the nearby Kiewa Street multi-deck carpark, which opened late last year, also part of the original deal.
Mantra is the first major accommodation offering to open in Albury since Quest Apartments added a second complex in the city three years ago in the former woolstore building on the corner of Smollett and Townsend streets.
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