Ultiqa adds prized property to stable
GOLD Coast-based company Ultiqa Hotels & Resorts has expanded interstate after snapping up the management rights to a luxury boutique apartment hotel in Melbourne.
Located at the “Paris end” of Melbourne’s CBD, the 140 Little Collins St property is comprised of 38 modern one, two and three-bedroom architecturally-designed loftstyle apartments.
Ultiqa Hotels & Resorts CEO Mark Henry said the site was secured in a landmark multi-million dollar deal effective from this week.
“It was a multi-million dollar
deal and we’ll invest more money into the property to bring it into line with the Ultiqa standard in the next two or three months,” he said.
Part of the redeveloped 1948 Melbourne Telephone Exchange building, the hotel sits on the corner of Russell and Little Collins streets, a short walk from the MCG, Rod Laver Arena, Federation Square, Southbank and the Bourke St Mall.
“The property ticks all the boxes of what makes the Ultiqa traveller experience,” Mr Henry said.
“It’s the perfect property to launch the Ultiqa Hotels & Resorts brand into the thriving Melbourne market.”
The Collins St site joins Ultiqa Hotels & Resorts portfolio of five Queensland properties — Air on Broadbeach, Freshwater Point and Beach Haven Resort, all in Broadbeach; the Rothbury Hotel in Brisbane’s CBD; and Shearwater Resort at Kings Beach, Caloundra.
Designed to cater for corporate travellers and the family market, the properties all have standard full kitchens, European laundry, separate lounge and free Wi-Fi.
A joint venture partnership between the South African Beekman Group and Mr Henry, Ultiqa Group was established in 2014.
The company, which operates from Varsity Lakes and has more than 100 staff, comprises Ultiqa Hotels & Resorts and subsidiary groups Ultiqa Lifestyle and Ultiqa Management Services.
Mr Henry was recruited by Ultiqa Group to head the sales and marketing divisions, in which he improved sales to $30 million a year, before being called in to head up the group’s expansion in Australia as CEO of Ultiqa Property Group.
He said high demand for properties had slowed the company’s expansion plans.
“It’s challenging at the moment finding appropriate assets,” he said.
“Growth has been slowed by the availability of suitable assets for our portfolio.
“The properties we all kind of look for in terms of size and the net profits they make is sort of about 850,000 to $1 million annual net profit. There’s a lot of players in that market.”
Mr Henry said the company hoped to add a second Melbourne property to its portfolio by the end of the year.