Veriu will open Punthill’s first property in NSW this month

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The Veriu Group is set to open its first Punthill property in New South Wales, in north-west Sydney, following the recent takeover of an Adina hotel.

The hotel will open to guests as Punthill Norwest from late August, with a multi-million dollar refresh program to be completed by the end of 2023.

“We are focused on bringing Punthill to New South Wales and Veriu to Melbourne this year,” said Veriu Group CEO Zed Sanjana.

“We’re excited to see both brands cross the states as another milestone in our growth journey.”

The 106-apartment property offers a mix of studio, one-bedroom, two-bedroom, and three-bedroom layouts to suit the needs of solo and group business travelers, and also includes conference and meeting rooms , a swimming pool, on-site gym and laundry room.

The hotel will operate under a lease structure, Sanjana explained.

“In the post-COVID-19 world, amid global uncertainty and inflationary pressures, we are seeing landlord preferences shift away from traditional hotel management agreements towards income security through guaranteed rental structures that we are one of the few operators to offer in the market,” he said.

“Norwest is a well-established and historically undersupplied market, where we have strong demand from many of our major commercial customers.

“Our primary focus is the development of new sites, but when the right takeover opportunity arises, we also have the infrastructure and expertise to do so; demonstrating the strength, versatility and agility of the Group as well as our growth intentions.

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