Sydney-based boutique hotel provider Veriu has launched four new properties under its Punthill brand, to be built across NSW and Victoria over the next two years.
The four new additions—the 40-apartment Punthill Essendon North, 80-apartment Punthill Caroline Springs, 55-apartment Punthill Oakleigh Central and 60-apartment Punthill West Gosford, will add to the group’s growing portfolio—currently sitting at 1,700 rooms across 18 locations.
“We have now built a really strong pipeline of new greenfield properties and look forward to servicing the ever-increasing number of business travellers coming to Melbourne looking for unique and accessible accommodation experiences,” Veriu Group chief executive Zed Sanjana said.
The Punthill Caroline Springs will be built in partnership with property developer Geopec while the Punthill Essendon North will be built in partnership with local developer EVR Group.
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.