SYDNEY based hotel operator Eight Hotels Australia’s launch pad into Melbourne’s accommodation market has paid off.
Eight Hotels will had initially agreed to manage the Cosmopolitan Hotel on a trial period of 12 month, but the owners, have since signed a 10 year management deal nine months into the trial period.
The hotel is privately owned the Meydan Group of companies, a company founded by Moshe & Miri Meydan in 1982. The Meydan Group has over $350 million in completed projects under its belt and over $120 million of new projects underway as well as $200 million in land banked property.
Currently, the Meydan Group are involved in a number of international property developments including in a 3000 apartment, retail shop and car parking completed in Lodz, Poland and various real estate investments throughout Israel including in Jerusalem, Tel Aviv and Jaffa.
Eight Hotels’ chief executive Paul Fischmann said in a very short time the hotel has been repositioned to compliment the existing collection and now enjoys high occupancy and an ever-increasing exposure to the market place.
In addition to the Cosmopolitan, Eight Hotels has recently agreed to acquire the 114’ room Explorers Inn located on Spencer Street in Melbourne’s CBD, which is due to settle in early August this year.
The property has been earmarked for a major refurbishment and later re-branded as the Pensione Hotel Melbourne.
Fischmann said the Pensione Hotel in
“2007 is shaping up to be a very busy year for Eight Hotels Australia,” he added.
This year, Eight Hotels Australia is looking forward to opening
The group’s room numbers will rise from 195 to 466 and take annual revenue to over $20 million.
Australian Property Journal
