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 | News | August 21, 2008 |
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Quest nears 100 properties
QUEST serviced apartments group will add 13 properties to its Australasian franchise network this year.
Quest claimed yesterday that it would have 98 properties by the end of year and would be close to its target of 120 properties by the end of 2006.
ChairmanPaul Constantinou said Quest was the largest provider of serviced apartment accommodation with almost 4,000 apartments available each night.
Quest was founded in 1988, and is a 100 per cent privately-owned Australian business.
Eight-five per cent of its properties are operated as franchise businesses. The rest are company-owned.
“Significantly, our ability to grow in the way we have is directly linked to the solid foundation which we have spent so long establishing,” Constantinou said, “which is based on the continual understanding and satisfying of the needs of our guests, our investors and our franchisees,”he said.
Quest's growth was occurring at a time when the accommodation and hospitality industry was for the first time being treated seriously by the Australian institutions and investment community, said Mr Constantinou.
“For many years in Australia, investment in the accommodation property sector was seen as a poor relation to other alternatives, such as shopping centres and office buildings,”he said.
“In the last few years both the interest and investment in the accommodation industry has grown dramatically to the extent where last year some of the country's biggest listed funds invested in excess of $1.5billion on accommodation property purchases.
“There is no reason to believe that this will not continue to grow,”he said.
Major banks and institutional lenders were also seeking higher involvement in financing the development of accommodation property and goodwill of accommodation businesses.
These factors present significant opportunities for the accommodation industry and the Quest Group, said Mr Constantinou.
“They also provide confirmation that the strength in the accommodation property sector reflects the reality that the underlying accommodation businesses, such as ours, are real and sustainable.”
Constantinou said the increased interest in the accommodation sector would result in new and continued competition in the serviced apartment market and other accommodation sectors.
“I must stress that the importance of the growth is not the growth itself but rather the manner in which the growth is achieved and why the growth is achieved,” he said.
The new businesses to open under the Quest banner in 2005 include: Quest on Rheola and Quest Ascot Village in West Australia; Quest on Queen and Quest Invercargill in New Zealand; Quest Suva, Fiji; Quest Geelong, Frankston, Richmond, Docklands and Sanctuary Lakes in Victoria; properties in Wagga Wagga and Wollongong in New South Wales and Quest Launceston, Tasmania.
10 March 2005
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