Australia: Sydney-based hotel group Veriu Hotels & Suites plans to convert a student housing property into a boutique hotel in inner Sydney’s Elizabeth Bay.
Veriu is led by Alex Thorpe and Rhys Williams, who started out in student accommodation with their Furnished Property business.
They are now looking to convert their second Furnished Property building, Jack’s Place on Elizabeth Bay Road, close to Kings Cross, into the Montpellier Hotel, after lodging plans with the City of Sydney.
The hotel will have 34 rooms including suites and penthouses, a rooftop recreation space, a late-night basement restaurant and a bar on the ground floor. The company will also add two floors to the current building.
Thorpe said: “We will decide property to property. Student accommodation is so professionalised these days, going up against the likes of Urbanest and others. These days it is hard to get students to share bathrooms. People love to share a kitchen but they don’t want to socialise in a bathroom block.”.
This is the second conversion for Veriu after the 110-room Veriu Central at 822 George Street in Sydney, which opened in January. It was a $4 million overhaul of the heritage-listed building located between Central Station and University of Technology Sydney and comes with co-working spaces.
The group now has four running hotels as well as the conversion of Jack’s Place and Veriu Green Square which is a brand-new hotel under construction. The 142-room Veriu Green Square is a 50-50 joint venture with Sydney-based fund manager Folkestone.
Veriu also made a foray into Melbourne earlier this year, buying 13 Punthill Apartment Hotels in Melbourne and Brisbane.
