Integrated Development Solutions has apparently sold 90% of its Ritz Geelong Apartment Hotel
New 127-key Ritz Geelong Apartment Hotel in Geelong CBD
Sold 90% of the project
Collective Hotel Management bought the management rights
The Ritz Geelong Apartment Hotel will feature 127 short-stay apartments rising above the old Ritz Hotel in the Geelong CBD.
Melbourne-based Phillip Petch's Integrated Development Solutions is the developer. The have apparently sold 90% of the project.
Mr Petch said buyers would get returns of between six to eight percent on their apartment investments, adding "My first Geelong project Vue Apartments, completed in 2012, is getting occupancy rates of 90 percent".
Michael Tozer's Collective Hotel Management reportedly paid $5 million for the management rights.