Hotel apartment chain Quest has just started to build its latest $70-million mixed-use development, Quest Geelong Central.
The location, which will include an 87-apartment hotel, fits the Quest business model of attracting extended stay corporates.
James Shields, Quest GM of growth and capital strategy, said “The Geelong economy is undergoing a structural transition from a manufacturing dominated economy to one driven by tourism and related services.
“We’re forecasting strong growth over the medium to long term given Geelong’s close proximity to Melbourne, growing events schedule and the ongoing gentrification of old industrial spaces.”
According to data analytics firm Remplan, Geelong’s population is set to expand by 100,000 over the next 15 years.
“With the terminal for the Spirit of Tasmania opening in late 2022 and Geelong Fast Rail set to commence in 2023, Quest has invested to capture the significant local leisure and corporate travel market,” added James.
Managing director of development partner Pellicano, Nando Pellicano, said he was proud of the long-standing relationship with Quest.
“At completion, this new property in Geelong will represent the eight projects we have undertaken with Quest, and the sixth Quest Apartment Hotel building we have retained under our ownership with a total of 560 rooms,” he said.
The apartments will be franchised in due course and construction on the hotel is expected to be completed in early 2023.
Earlier this year Quest Apartment Hotels announced a new approach to recruiting franchisees which is opening up the field of opportunities for newbie business owners in the serviced apartment chain.
The brand is also expanding not just in Australia but across the Tasman, with seven properties set to open in New Zealand within 13 months.