The claim was made by the Mantra Group’s executive director of operations Mark Hodge at the hotel’s grand opening on Wednesday after opening its doors to customers on May 1.

“It’s an incredible way to spend $40 million,” he said.

“Mantra Albury will play a key role in further elevating Albury’s profile and attractiveness as a leisure and business destination.

“Albury is a key regional commercial and tourism hub with established and varied accommodation drivers.

“It is well supported by a large regional airport and an impressive major events calendar which attracts significant visitation to the city.

“We’re confident this property with its contemporary design and stylish finishes will provide a market leading hotel offering.”

Mantra Hotel Albury has created more than 40 jobs which adds to the Pacific-wide workforce of more than 18,000 people.

They include general manager Ben O’Reilly, who grew up in Albury and attended St Patrick’s Primary School directly opposite Mantra, and previously worked at other hotels in the city including Quest Apartments and Hovell Tree Inn following a stint in Melbourne.

Albury mayor Kevin Mack said Mantra was the final piece in the Volt Lane redevelopment puzzle which began with multi-deck carpark and the Australian Taxation Office replacement headquarters.

“Anyone who has lived in Albury long enough remembers this area was once a mix of ugly carparks and buildings,” he said.

“It is now one of those areas that is highly revered.

“Mantra is certainly not out of place in being in this precinct.”

Cr Mack also drew comparisons between the 4.5 star, multi-storey Mantra and the opening of the Travelodge in Albury by the late Gough Whitlam in the year before he became Prime Minister.

The Travelodge is now known as Atura Albury.

The Mantra Group has not revealed how many years lease it has on the building which was offered for sale earlier this year before being withdrawn from the market.