Veriu Expands to Melbourne with Acquisition of Punthill Apartments Hotel Group
Date: February 2018
Location: The 13-strong portfolio includes eight suburban and four CBD apartment hotels in Melbourne plus one in Brisbane.
Name: Punthill Apartments
Veriu-Broadway-Lobby
No. of Keys: 777
Seller: Punthill
Buyer: Veriu, headed by directors Alex Thorpe and Rhys Williams
They will consider re-branding certain hotels under the Veriu brand in the next six to 12 months.
“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. 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.”
The combined group will now comprise 17 hotels in gateway cities in Australia. This will expand to 21 hotels within the next 18 months with a new hotel in Melbourne and 3 new Veriu hotels in Sydney.
THPT Comment: Interesting the minnow (4 properties) buys the bigger partner (13 hotels).
Price: Undisclosed
First Seen: Veriu website