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Veriu Expand into Melbourne, Acquires Portfolio of 13 Hotels

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Sydney-based Veriu hotel chain has continued its expansion with the acquisition of 13 hotels from the Punthill Apartment Hotel Group.

The portfolio includes eight suburban and four CBD apartment hotels in Melbourne and one in Brisbane, offering 777 apartments in total.

Talks have already commenced regarding the rebranding strategy, with Veriu weighing up the possibility of continuing the Punthill brand or rebranding the portfolio as Veriu.

“We will be considering what opportunities exist for both brands in Melbourne and Sydney but the important part is the best of both groups will be integrated for guests in both cities," Veriu director Alex Thorpe said.

Related reading: Veriu to Convert Sydney’s Wentworth House

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“The Punthill brand has a strong presence in Melbourne. Veriu is equally on the rise with two Sydney hotels currently in the top 10 of 181 hotels on TripAdvisor in Sydney,” he said.

Veriu Hotels & Suites are now established in key inner-Sydney precincts including Camperdown, Randwick, Broadway and most recently near Central railway station.

Sydney continues to lead the Australian hotel market in terms of revenue per available room, with a sizable lead of more than $40 per room over Melbourne.

Thorpe said corporate and leisure guests of the Punthill and Veriu Groups will now be able to move around 17 hotels in the largest gateway cities in Australia.

“This will expand to 21 hotels within the next 18 months with a new hotel in Melbourne and three new Veriu hotels in Sydney. Guests will be given all the benefits that both groups offer but in significantly more locations.”

Veriu are due to open the $22.5 million Green Square hotel this year as a joint venture with ASX-listed funds manager Folkstone Group

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Article originally posted at: https://https://theurbandeveloper.com/articles/veriu-expand-into-melbourne-acquires-portfolio-of-13-hotels