Singapore-based hospitality company Next Story Group, parent company of Next Hotels & Resorts, has acquired a new-build hotel in Melbourne's waterfront hub of Southbank. The soft opening of the 162-room LinQ Hotel Melbourne Southbank is scheduled for September 1, with the formal opening slated for two months later. No purchase price was disclosed.
This will be the Group's first hotel under its LinQ Hotels brand, and will complement the Next Hotel Melbourne, slated to open in Q2 2020 and the Sage Hotel Melbourne, Ringwood, which has been open for more than a year. The acquisition is part of the group's expansion plans, which target Australia, Southeast Asia and South Asia.
"This latest addition to our hotel portfolio has a superb location right in the heart of Melbourne's Southbank precinct," said Darren Edmonstone, CEO of Next Hotels & Resorts. "Coupled with the unique value proposition of our LinQ Hotels brand, we are confident that our new property will be able to deliver strong trading performance."
The LinQ Hotel Melbourne Southbank is within walking distance of the Southbank Promenade, Melbourne Convention and Exhibition Centre and Crown Entertainment Complex, as well as a 20-minute ride from Tullamarine Airport.
Next Story Group currently has 40 hotels open and in its pipeline, covering the Next, Sage and LinQ brands. Most of its hotel portfolio is located in Australia.