OVOLO Group, a Hongkong-based hotel and serviced apartment owner and operator, will open its first overseas property in Melbourne, Australia in third quarter 2012.
The company has forked out A$11.7 million (US$12.6 million) to acquire Somerset Gordon Heights Melbourne from Ascott.
After a refurbishment, the property will feature a mix of studio, one- and two-bedroom units, as well as penthouses with balconies. There will be 43 units in total.
“Melbourne was identified as the (site for our) first (overseas) property due to the trendy nature of the city, which fits in well with Ovolo's branding,” said Ovolo Gorup general manager of business development & marketing, Gaurang Jhunjhnuwala. “We are looking to grow into (other) main cities (in Australia) in coming years.”
A timeline has not yet been determined for further expansion within Australia, he added.
Ovolo Group, founded in 2002, has a portfolio of six hotels and serviced residences on Hong Kong Island and West Kowloon, as well as a serviced office property, Izi.