Cornerstone Partners Group, a Malaysian based integrated hospitality asset owner and developer announces its first mixed development near to Melbourne’s central business district.
With an estimated gross development value (GDV) of RM420 million (AUD140 million), the ongoing development is located on City Road in Southbank, Melbourne – within walking distance from the Crown Melbourne, Southbank Promenade, Arts Precinct, Federation Square. The 30-storey commercial building is set to be a one-stop destination for restaurants, creative co-working spaces and bespoke corporate office spaces in Southbank.
“Leveraging on our project development capabilities, Cornerstone Partners Group is focused on fulfilling gaps in hospitality markets across Asia Pacific. We are excited to introduce the story of Cornerstone Partners Group to the Australians, particularly with a development the likes which Southbank has never seen before”, said Jason Chong, Chief Executive Officer of Cornerstone Partners Group.
Being one of the youngest hotel owners in the industry, Cornerstone Partners Group has consistently introduced new trends and unique hospitality offerings to the market with the introduction of first Hilton-branded resort in Malaysia, the first CitizenM in Southeast Asia, and the first Kimpton in Asia Pacific.
With this new development, Cornerstone Partners Group sets a new milestone by bringing in the first YOTEL, pioneer of sleek, technology-driven accommodation, to Australia.
A signing ceremony of Hotel Management Agreement between Cornerstone Partners Group Chief Executive Officer Jason Chong and YOTEL Chief Executive Officer, Hubert Viriot was held in Sydney.
“We are truly honoured to embark on a solid partnership with YOTEL as we believe in Australia, 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”, Chong added.
Set to open in 2022, the 244-room YOTEL Melbourne is designed by CHT Architects, featuring YOTEL’s latest generation of cabins all equipped with a SmartBed™. Its signature KOMYUNITI spaces are designed with areas for co-working, informal meetings, relaxing and socialising, serving up everything from flat whites by UK specialty roaster Workshop Coffee to signature cocktails on the outdoor terrace. The new construction is also equipped with a 24/7 gym and viewing deck with restaurant and bar.
YOTEL took the hotel industry by storm in Europe, the U.S. and Singapore thanks to its cleverly designed cabins popular with both corporate and leisure travellers who appreciate quality, technology, comfort and a sense of community, but don’t need the fuss or price of a traditional luxury hotel. With solid market fundamentals and global appeal, YOTEL Melbourne serves as a launching pad to replicate its success in Australia with a fresh take on the national hotel sector, followed by its continued exploration of development opportunities and a robust hotel pipeline in Sydney, Brisbane and Perth respectively.
“Australia is a very sophisticated hotel market with strong stakeholders; however, we believe the affordable luxury segment has been underserved and that’s what YOTEL intends to solve. 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. 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 Officer of YOTEL.