Veriu announce new Queen Victoria Market Hotel
Veriu CEO Zed Sanjana has announced that the first Veriu-branded Melbourne property will open adjacent to the city’s iconic Queen Victoria Market.
The new-build hotel is slated to open in late 2022 as part of Melbourne-based developer PDG Corporation’s major renewal of the Queen Victoria Market.
Along with the hotel, the project includes the City of Melbourne’s largest community hub – facilities such as childcare, family services and an underground car-park, complemented by retail and a limited number of residences.
The new retail space will benefit from 140 years of on-site trading history, integrating market legacy with modern laneways that provide new entry points to one of Melbourne’s most well-travelled precincts.
The Queen Victoria Market hotel is the second new hotel announcement since former Quest CEO Sanjana became CEO of the Veriu Group in September 2018.
Veriu also revealing word of a new 95-key neighbourhood hotel in Collingwood this week, with more details to follow in the coming months.
The brand’s push into the Melbourne market began in 2018 with the purchase of the Punthill Apartment Group.
Since this acquisition, Veriu have announced two new Punthill-branded properties; Ivanhoe in partnership with Cayden, and Alphington in partnership with Alpha Partners.
Back in its home state of New South Wales, Veriu will open a 144-key apartment hotel in Green Square this July.
This property is a joint venture with Charter Hall.
Veriu is set to divest its Sydney Central property, one of four Sydney properties.
The sale will be handled by Colliers, and the new owners will have the opportunity to lease the hotel back to Veriu on a long-term basis.
”Veriu’s sale of Veriu Central will enable us to free up capital to invest in our national expansion plans for both Punthill and Veriu over the course of the next five years," Sanjana said.
"It will also enable Veriu to focus on delivering its two development sites at 323 George St Sydney and 822 George St, Chippendale.”
Veriu has a further two hotel sites in addition to Collingwood and Queen Victoria Market in the Melbourne pipeline with a further five to six locations within inner suburban areas.
The group plan to add 500-plus keys to the Victorian market over the next five years within unique neighbourhood locations like Carlton, Prahran, Richmond, Windsor, South Yarra, South Melbourne as well as CBD Melbourne.
Nationally, there are a further 10 sites in the pipeline across Sydney, Perth and Adelaide.
“We are currently targeting to open between 20-30 hotels under the Veriu brand over the next 10 years with a focus on interesting neighbourhoods that meet our brands criteria” says Sanjana.
Veriu’s current Sydney portfolio includes Veriu Broadway, currently ranked third in Sydney on TripAdvisor, and Camperdown that is ranked in the top 20 hotels in Sydney.
