Yotel to move into Australia with Melbourne property
Yotel has announced its first hotel in Australia.
Yotel Melbourne is slated to open in 2022 and has been signed under a management agreement with Cornerstone Partners Group.
Cornerstone is an integrated hospitality asset owner and developer with offices in Malaysia, Taiwan and Australia.
The 244-room property will be located on 63-69 City Road in Southbank – within walking distance of Melbourne’s central business district, the Arts Precinct, Federation Square and the Melbourne Cricket Ground.
Yotel Melbourne will be a flagship property for Yotel in Australia, featuring the brand’s latest generation of cabins (Yotel speak for rooms).
“Over the past two years, we have been actively searching for the right locations and partners to roll out our brands in Australia, a key market for our global expansion and a key feeder market for our hotels in the US, Singapore and the UK.
“With solid market fundamentals and global appeal, Melbourne is the perfect gateway to launch our first property in the country.
“Moreover, we are delighted to enter the market with Cornerstone Partners Group, an international leader in hospitality and real estate investments,” said Hubert Viriot, chief executive of Yotel.
The property will also feature a 24/7 gym and viewing deck with restaurant and bar.
“Our group is focused on finding gaps in the hospitality markets across Asia Pacific.
“In Australia, we believe there is an avenue for disruptive brands such as Yotel, which offer something completely new to the market.
“We were also impressed by Yotel’s global development pipeline, focused on key gateway markets, which fits perfectly with our strategy, therefore it was only natural to join forces on our first project in Australia in Melbourne, one of the country’s most cosmopolitan and urbanised cities,” said Jason Chong, chief executive, Cornerstone Partners Group.