Veriu Group is set to open its first Punthill property in NSW in Sydney’s Norwest following the recent takeover of an Adina hotel.
The hotel will open to guests as Punthill Norwest from late August, with a multi-million-dollar refresh programme to be completed by the end of 2023.
“We are focusing on the introduction of Punthill to New South Wales and Veriu to Melbourne this year,” said Veriu Group CEO, Zed Sanjana.
“We are excited to see both brands cross over states as another milestone in our growth journey.”
The 106-apartment property features a mix of studio, one-bedroom, two-bedroom and three-bedroom configurations to meet the needs of both solo and group business travellers, and also includes conference and meeting facilities, a swimming pool, on-site gym and guest laundry.
The hotel will operate under a lease structure, Sanjana explained.
“In the post COVID-19 world, amidst global uncertainty and inflationary pressures, we are seeing owner preferences shifting away from traditional Hotel Management Agreements more towards the security of income through guaranteed lease structures which we are one of the few operators to offer in the market,” he said.
“Norwest is a well-established and historically under supplied market, where we have strong demand from many of our key corporate customers.
“Our primary focus are greenfield developments but when the right opportunity for a takeover comes around, that we have the infrastructure and expertise to do this as well; demonstrating the strength, versatility and agility of the Group along with our intentions for growth.”