Apartment Hotels

Castle Residences in Sydney&#39;s CBD has the enviable address of being right on the doorstep of Hyde Park, one of the CBD&#39;s most sought-after areas.

A collection of 131 Manhattan-style apartments, Castle Residences, is conveniently located both a stone&#39;s throw to Hyde Park and the convenience of Town Hall train station.&nbsp;

It&#39;s a light rail, train, or general stroll to some of Sydney&#39;s best attractions, including&nbsp;the Harbour Bridge and Opera House up at Circular Quay, the historic areas in The Rocks, the business hub in Martin Place, and the home of the arts, The&nbsp;Art Gallery of NSW.

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Hyde Park&rsquo;s lush green lawns and grand avenues of figs becomes residents&rsquo; front garden, while luxury labels such as Gucci, Chanel, Ermenegildo Zegna and Rolex are located in close proximity.

Some of the city&#39;s&nbsp;most celebrated restaurants,&nbsp;Bambini Trust, Alpha Restaurant, and Tetsuya, are all nearby.

Adding further to the desirability of the Castle Residences, major changes are on the horizon for Sydney&rsquo;s CBD, with billions of dollars in infrastructure projects now revitalising the look and experience of the city centre.

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The light rail provides well-serviced links from the harbour&rsquo;s edge of Circular Quay all the way to the Eastern Suburbs. Additional upgrades to key train stations are in the works, as well as new priority city centre bus routes and separated bike lanes.

On the CBD&rsquo;s western harbour edge, the $6 billion transformation at Barangaroo includes a new ferry hub, linked by Wynyard Walk, taking pedestrians quickly through to Barangaroo&rsquo;s Headland Park, harbour walks, lifestyle retail, and entertainment precinct.

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Comprising one, two, three and four-bedroom apartments, like celebrated apartment houses on London&rsquo;s Hyde Park or New York&rsquo;s Central Park, Castle Residences offers an unsurpassed Sydney experience of living.

In a graceful pairing of past and present, historic Porter House is home to a luxury MGallery boutique hotel, with residences soaring above.

Together, this fusion of residential living and hotel services creates a desired lifestyle in a coveted Hyde Park setting.

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In a graceful pairing of past and present, historic Porter House is home to a luxury MGallery boutique hotel, with residences soaring above.

alisonwarters@gmail.com

Sydney's Castle Residences: A rare location on the doorstep of Hyde Park

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Real estate giant CapitaLand subsidiary, The Ascott Limited (Ascott) is buying an additional 60% stake in serviced apartment operator Quest Apartment Hotels for $180 million.
Ascott’s stake in Quest will now rise from 20% to 80%, making it the largest serviced residence provider in Australasia, the company said in a media release. It has the option to acquire the remaining 20% stake in Quest later.
The deal gives Ascott access to Quest’s 180 properties across Australia, New Zealand and Fiji and boosts its portfolio by over 11,000 units to more than 67,000 units across 507 properties and 124 cities globally, it said. 
Ascott’s chief executive Lee Chee Koon said the stake buy will “leapfrog Ascott to become the leading serviced residence provider in Australasia”. 
The trend of consolidation in the hotel sector is also due to rising competition from peer-to-peer accomodation platforms such as Airbnb which has changed the rules of the hospitality sector.
Koon said scale was important as it allows Ascott to “offer more options to customers, strengthen our sales and distribution, and help speed up Ascott’s growth”. 
“Besides entrenching Ascott’s presence in the developed and stable market of Australia, we will be able to capitalise on the established Quest brand and its highly scalable business format franchise systems and know-how, and further apply the franchise platform as a driver of growth for Ascott,” he added. 
Since Ascott first bought a 20% stake in Quest in 2014, Quest’s network revenue has grown 6% annually.
Quest Apartment Hotels chairman and founder Paul Constantinou said the deal would expand Quest’s reach, offering guests access to accomodation across 29 countries in the Americas, Asia Pacific, Europe and the Middle East. 
“Quest will now further leverage the strength of Ascott’s globally recognised, award-winning brands and fast track its international expansion, whilst maintaining its successful franchise format business, along with the value and integrity of the Quest brand,” Constantinou said.
Quest properties are managed by franchisees.  
Earlier this year, the historic <a href="https://www.urban.com.au/expert-insights/investing/69565-quest-rebrand-initiates-next-chapter-for-the-historic-grand-hotel-melbourne" target="_blank">Grand Hotel Melbourne</a> was officially rebranded as a Quest property, as the group targets more business travellers. 
Ascott has also acquired its first serviced residence in Brisbane as part of its partnership with Quest. 
The 100-unit freehold serviced residence to be developed on a turnkey basis was acquired from an unrelated local property developer for $24 million. It will be named Quest Cannon Hill and operated as a Quest franchise when the property opens in 2018. 
Quest Cannon Hill is the second acquisition under Ascott’s strategic partnership with Quest. In mid-2016, Ascott acquired the 221-unit Quest NewQuay Docklands in Melbourne for A$71 million (S$71 million). Quest NewQuay Docklands will be Quest’s largest property in its network when it opens in 2019. 
With the addition of Quest Cannon Hill, Ascott currently owns and manages 10 serviced residences with over 1,300 apartment units in Brisbane, Greater Sydney, Hobart, Melbourne and Perth under the Citadines, Somerset and Quest brands. 
The company is a wholly owned subsidiary of Singapore-listed CapitaLand, which has a global portfolio worth more than S$78 billion.
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Singapore's Ascott takes controlling stake in serviced apartment group Quest with $180 million deal

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Quest Apartment Hotels has partnered with property developer MAB to build its biggest apartment hotel complex.
The $71 million developer at New Quay in Melbourne's Docklands represents the first transaction for the $500 million strategic partnership established by Quest and Ascott, the world's largest serviced apartment owner-operators.
The Ascott Limited is a subsidiary of SGX-listed CapitaLand, one of the largest real estate companies in Asia.
The partnership was established between the companies to invest in new Quest developments across Australia's eastern seaboard.
MAB will design and develop the property, which will begin construction early next year and open in 2019.
It will offer 221 rooms.
Quest chairman Paul Constantinou said this deal represents the blueprint for how the partnership will operate in the future.
“We established this $500m strategic partnership with Ascott to provide our development partners with greater certainty of return through certainty of property take-out," he said.
"We expect this to enable Quest to accelerate its network rollout particularly across CBD and suburban Sydney, Brisbane and Melbourne.
 
Constantinou suggested that whilst the domestic accommodation market remains strong and has continued its growth for over a decade, supply of new rooms has lagged in most markets. 
"This is mainly as a result of the lack of support from domestic institutions in the sector.
"Investment from large scale Asian groups like Ascott, will enable the sector locally to meet the demand.”
It's the first of what will be many development under Quest's collaboration with Ascott.
Quest continues to actively seek opportunities within the suburbs and CBD’s of Melbourne, Sydney and Brisbane, particularly with blue chip development partners with a strong track record of delivery.
Quest is the largest and fastest growing apartment hotel operator in Australasia with over 150 properties located across Australia, New Zealand and Fiji.
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Established in Melbourne, Victoria in 1988, the growth of Quest has been achieved through its commitment to meeting the accommodation needs of the extended stay business traveller. 
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Quest Apartment Hotels set for 221 room Docklands development

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The Wanda Ridong Group and Brookfield Multiplex are formalising their agreement to build the $1 billion Jewel development at Surfers Paradise in the Gold Coast.
A delegation from Wanda's head office in Beijing has travelled to the Gold Coast to meet officials from Brookfield Multiplex, and to sign a formal agreement.
The signing will take place at the Palazzo Versace, in the presence of Acting Queensland Premier Jackie Trad (also the Minister for Infrastructure &amp; Planning), and Minister for Tourism &amp; Major Events, Kate Jones.
Expected to be completed in 2018, Jewel will be Australia’s largest beachfront hotel and residential complex, the Gold Coast’s first absolute beachfront location in 30 years. 
Jewel's three crystalline towers will stand across 130 metres of direct beach frontage, and host 512 residential apartments, a 169-suite, five-star hotel, three levels of basement as well as retail and culinary precincts.
"Jewel will be the finest residential and hotel development ever seen in Australia, with levels of luxury never previously experienced here," said Chen Guocai, the vice president of Wanda Commercial Properties.
"Wanda is very excited to be working with Brookfield Multiplex to bring this vision to life."
Other guests at the event will include Dr Zhao Yongchen, Consul-General of the People's Republic of China, and Councillor Donna Gates, Deputy Mayor of the City of Gold Coast.
For more information, <a href="https://jewelgc.com/" target="_blank">click here</a>.
 
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Wanda Ridong and Brookfield Multiplex sign agreement for $1 billion Jewel project in Gold Coast

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Quest Apartment Hotels has opened the first of its three new New South Wales properties planned for 2016 – the Quest St Leonards at 10 Atchison Street in the lower North Shore suburb of Sydney.
One of Sydney’s suburban skyscraper clusters, St Leonards has 79 studio apartments, gymnasium, swimming pool and a car park.
The building is five kilometres from the CBD. 
Quest CEO Zed Sanjana emphasised the importance of the Sydney market in the company’s growth strategy. 
“According to STR Global data from the September quarter 2015, occupancy in Greater Sydney increased to almost 86% – positioning the city as the top performer in Australia’s hotel market. This demand is simply not being met by supply – an issue we are addressing with the three properties scheduled to open this year,” he said. 
“Quest St Leonards is located within a triangle of prominent commercial centres of Sydney – the CBD, North Sydney, and Chatswood – with a growing number of national and international companies choosing to base themselves in these areas.
“I am looking forward to considerably growing Quest’s presence in Sydney, expanding our offering in 2016 to include St Leonards, Bella Vista and Macquarie Park,” he said.
Bella Vista will follow in June and Macquarie Park in December
St Leonards’ own commercial centre continues to expand, providing one of the largest office markets in metropolitan Sydney.
Quest has a strong pipeline of property openings this year, opening in 11 new locations. In addition to St Leonards, this includes: West Perth, Mounts Bay Road, East Perth and Fremantle (WA); Newcastle West, Bella Vista and Macquarie Park (NSW); Port Adelaide (SA); Dandenong Central (VIC); and Petone (New Zealand). 
 
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