The Gold Coast's Oracle development will house prime luxury in two high-rise towers when the hotel opens some time before the year ends.

Mantra Group announced this Friday it would manage the Peppers Broadbeach development worth $850 million.

Peppers Broadbeach would be the second ever five-star hotel in the Gold Coast, after the Main Beach's Palazzo Versace was built a decade ago in 2000.

Developed and designed by Niecon Developments, the hotel will provide 505 rooms, with apartments composed of one up to three bedrooms.

Ben Pole, spokesman for Gold Coast Tourism, said Peppers Broadbeach would further add to tourism glamour of the Glitter Strip.

"Having another five-star resort in the middle of the Gold Coast will only take that reputation further," Mr. Pole remarked.

Mr. Pole added that Mantra's decision to manage Peppers Broadbeach, along with the Hilton Surfers Paradise's construction, were good indicators that the tourism industry is growing robust on the Coast.

"We've seen a lot of new investment and new development coming into the Gold Coast and that just demonstrates that businesses have confidence in the Gold Coast as a city as well as the Gold Coast tourism industry," he commented.

Bob East, CEO of Mantra Group, said the Oracle towers would become the foundation of the firm's business presence in the Coast.

"The architectural design of the hotel reflects a distinct fusion of city sophistication and coastal relaxation, with both towers featuring an extensive use of life spaces including Zen gardens, tai chi lawns, private cinemas, guest lounges, teppanyaki barbecues, steam rooms, saunas and lap, plunge and resort pools," Mr. East said.

Mantra Group is the second biggest operator in the accommodations industry in Australia, with 130 hotels, resorts, and apartments under its wing.