Next Story Group has paid about $45 million for a newly built hotel on Melbourne's Southbank
162-key property to become Next Story's first LinQ Hotel
Paid $45m for the newly built hotel, due to open Sept 2019
Next's third hotel in Melbourne
Singaporean hospitality company Next Story Group has paid about $45 million for a newly built hotel in Melbourne's Southbank.
The 162-key hotel is due to open in September as Next Story's first LinQ Hotel, an upper mid-scale brand.
This is Next's third hotel in Melbourne, after the 120-room Sage Hotel in Ringwood and the new NEXT Hotel at Dexus' 80 Collins mixed-use development in the CBD, which is due to open next year.
"We like Melbourne and believe it offers a stable operating environment," Darren Edmonstone, CEO of Next Hotels & Resorts
Mr Edmonstone said LinQ was a brand targeting the more budget-conscious corporate traveller with room sizes ranging from 15 to 22sqm and few amenities on offer.
"There will be a F&B offering on the ground floor, but there won't be a gym or a swimming pool," he said.
Next operates 26 hotels in Australia as well as two in Bangkok and one in Laos. It recently announced plans to open hotels in Vietnam and Sri Lanka.