$180K per room: central Albury hotel fetches giant sale price

Mantra Albury on Smollett Street was purchased in April by investment group Willow Funds for $26.2 million from Canberra developer John Russell.

It launched in May 2018, next to the Australian Taxation Office building and was first valued at $40 million when it was put on the market before its opening.

Parent company Accor Hotels said in a statement the purchase of the 146-room property would bring "a renewed energy and vision to the hotel and the vibrant Albury community".

Willow Funds chief executive Malcolm Beville was thrilled with the purchase.

"We are delighted to have acquired Mantra Albury and to become part of the fabric of this wonderful community," he said.

"Our vision is to not only maintain the exceptional standards of hospitality that guests have come to expect but also to enhance the overall guest experience, offering something that reflects the charm and spirit of Albury."

Mantra Albury hotel manager Imalka Maddumpatabendi said partnering with Border businesses and producers remained a key focus.

"We are thrilled to work with new owners Willow Funds to deliver excellent experiences for our guests and ensure Mantra Albury remains a premier destination for travellers seeking comfort, luxury, and authentic regional experiences," he said.

"We envision Mantra Albury becoming not just a place to stay but a hub of activity, showcasing the best of what the region has to offer."

Situated next to the Volt Lane precinct, one block behind Dean Street, the seven-storey hotel also features a ground floor restaurant and bar, a gym and large conference rooms.