Next Story Group Acquires Southbank Hotel for AUD45 Million in Melbourne, Australia
Create: Jul 9, 2019 Edit: Jul 10, 2019
Singapore-based hospitality company, Next Story Group ("Next Story"), has acquired a newly built hotel in Melbournes Southbank for AUD45 million. Located at 167 city road and built on a 606-square-metre site, the 16-storey, 162-key property will become Next Story's first hotel under its upper mid-scale LinQ brand. This will also be Next Story's third hotel in Melbourne, complementing the 120-key Sage Hotel Melbourne in Ringwood and Next Hotel Melbourne which is slated to open in 80 Collins Street by Q2 2020. The soft opening is scheduled for 1 September 2019. The acquisition is part of Next Story's expansion plans, which focus on strategic growth in Australia, Southeast Asia, and South Asia. LinQ brand targets budget-conscious corporate travellers with limited amenities and room sizes ranging from 15 to 22 square metres. Next Story currently has 40 operating and pipeline properties in its portfolio, which includes four hotel brands: Next, Sage, LinQ and Kafnu.
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