• Newsletter June 23: lesson learned
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| | | | | | Boutique hoteliers say it's about
location, location and Uber
US: Piers Brown reports from last week's NYU hotel investment conference in Manhattan. Read more...
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Sydney student housing to be converted in to boutique hotel
Australia: Sydney-based hotel group Veriu Hotels & Suites plans to convert a student housing property into a boutique hotel in inner Sydney's Elizabeth Bay.
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Change of ownership structure for The Boundary
UK: Ownership of The Boundary Project in Shoreditch has been secured following the sale of shares in 2-4 Boundary Street Limited to a new company, owned by The Conran Family.
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Dunstane House joins Pride of Britain Hotels
UK: Pride of Britain Hotels has announced that the family-run boutique hotel Dunstane House in Edinburgh, has joined its collection of independently-owned UK hotels.
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Lesson learned
• It wasn't that long ago that property developers in the UK were falling over themselves to build student accommodation towers in city centres - every university town and city on the country saw a boom in the construction of student accommodation. In 2017 investors got stuck in to the tune of £5.3 billion, 17 per cent more than was invested in UK student housing in 2016, according to Savills.
So it was fascinating to see that in Australia, student accommodation is being converted in to boutique hotels. Sydney developers Alex Thorpe and Rhys Williams, who started out in student accommodation with their Furnished Property business, now run a company called Veriu and are looking to convert their second Furnished Property building, Jack's Place on Elizabeth Bay Road, close to Kings Cross, into the Montpellier Hotel, after lodging plans with the City of Sydney.
The hotel will have 34 rooms including suites and penthouses, a rooftop recreation space, a late-night basement restaurant and a bar on the ground floor. The company will also add two floors to the current building.
Thorpe said: "We will decide property to property. Student accommodation is so professionalised these days, going up against the likes of Urbanest and others. These days it is hard to get students to share bathrooms. People love to share a kitchen but they don't want to socialise in a bathroom block."
This is the second conversion for Veriu after the 110-room Veriu Central at 822 George Street in Sydney, which opened in January. It was a $4 million overhaul of the heritage-listed building located between Central Station and University of Technology Sydney and comes with co-working spaces.
Could we see a trend for UK student accommodation switching uses to hotels? Watch this space.
George Sell, editor, Boutique Hotel News
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| | Top tips for developing a boutique or lifestyle hotel
Una Barac of Artelior shares her insights in to what makes a successful boutique hotel project.
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| Do you take this business?
MIA chief executive Jane Longhurst looks at how boutique and lifestyle hotels can capitalise on changing trends in the wedding market.
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| | | | | | | 2018 BoHo awards highlights
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| | Interview: Nick Turner, Laura Ashley Hotels & Resorts
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| | | BHN at Sleep 2017: Tristan Auer
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| | | | | EDITORIAL
George Sell. Editor,
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