Property Development

Veriu Expands Pipeline With Four New Punthill Hotels

Written by The ReReport
As seen in the Source link, written by on 2019-11-26 17:20:21

Punthill West Gosford will comprise 60 apartments, including studio, one-bedroom and two-bedroom apartments and is expected to open within 24 months.

The four new developments cap off a huge year for the group, which saw its portfolio expand significantly thanks to the acquisition of 13 hotels under the Punthill Apartment Hotels brand.

By 2025, the group is expected to grow by an additional 50 properties by partnering with top tier developers and local businesses.

“We see a huge opportunity to become one of Australia’s largest niche hotel operators, while still maintaining a unique and localised feel at each of our properties,” Sanjana said.

“The logical and natural progression for us is to extend this offering to further suburban and key regional markets as well as other states, particularly South Australia.”

Veriu Hotels & Suites, which was started by Sydney entrepreneurs Rhys Williams and Alex Thorpe in 2002, has been undertaking an aggressive national expansion over recent years.

The fast-growing brand has been quick to capitalise on the growth of the micro-apartment industry, with its latest announcements following on from the launch of three new projects in Melbourne earlier this year.

The projects include Veriu Collingwood, in partnership with Gurner as well as Punthill Alphington on the former site of the Amcor Paper Mill.

Veriu’s most recent hotel announcement in April, for a new 111-room hotel at Melbourne’s Queen Victoria Market, was part of a redevelopment of the historic 6,500sq m Munro site.