Elanor Investor Group has been given the green light for a new 142-room hotel in the Moreton Bay town of Redcliffe in south east Queensland.

Moreton Bay Regional Council approved the proposal for an eight-storey hotel above Bluewater Square Shopping Centre, stating that it will support the region’s growing tourism numbers.

The centre – located on the corner of Sutton Street and Anzac Avenue in Redcliffe – was purchased by the Sydney-based group in 2017.

Plans for the new hotel include a rooftop bar, dining and function space for guests and local alike, as well as a swimming pool, with views of Moreton Island. The exterior of the hotel will be adorned with eye-catching public art and murals.

“The proposed short-term accommodation, function facility and bar utilise the existing shopping centre, while incorporating uses that will be highly beneficial to the local area,” said a spokesperson for the group.

Established in 2009, Elanor Investors Group currently manages over AU$2.7 billion worth of real estate investments across Australia and New Zealand.

Mayor Peter Flannery said the ASX-listed company’s investment signals great confidence in the Moreton Bay area.

“The Moreton Bay region is one of Australia’s largest and fastest growing areas,” Flannery said.

“Our population already surpasses Canberra, at more than 500,000, with another 200,000 residents projected to call our region home over the next 20 years.

“Moreton Bay’s billion-dollar tourism industry is on the rise, with 4.3 million annual visitors, more than double the total visitor numbers to Noosa.”

With a lack of accommodation in the market to support the rising visitor numbers, Flannery said the area has become “Australia’s hotel hotspot”.

“Moreton Bay needs eight hotels and 1035 hotel rooms by 2032, with four hotels required by 2026,” he said.

“To help us we’re providing hotel investors and developers with incentives and a dedicated concierge service to make investing in Moreton Bay as easy as possible.”