Punthill Apartment Hotels has been bought by Veriu Hotels and Suites, a new fast-growing brand with four Sydney properties prior to the acquisition.
Veriu has, for an undisclosed sum, bought the Punthill brand and leaseholds on 12 Melbourne and one Brisbane property comprising 777 apartments from the Caras family, who started the business 30 years ago.
Thorpe said no decisions had been made yet on branding.
“We will be considering what opportunities exist for both brands in Melbourne and Sydney but the important part is the best of both groups will be integrated for guests in both cities.”
He said Veriu is planning to add four new properties – three in Sydney and one in Melbourne – over the next 18 months, bringing its portfolio to 21 hotels.
The first Veriu hotel, a new build, opened in Camperdown Sydney in March 2016, followed by properties in Broadway, Central and Randwick.