Second Vibe Hotel Acquired!

PRESS RELEASE

Interests associated with Toga Group and Barana Group have acquired the Duxton Hotel in Milsons Point in Sydney from the Singapore-based Low Keng Huat group, a deal brokered by Mark Durran of Jones Lang LaSalle. Purchased for $33.5 million this is the second significant hotel asset to be added to the vibe Hotels brand. vibe North Sydney will be launched in February 2004 after the property’s re-branding.
Management of the hotel will be the domain of vibe Hotel Services, a subsidiary of the Toga Group, better known for its management of Medina Serviced Apartments.

Allan Vidor, Managing Director of Toga Group, said “The style of vibe has been designed to embody a culture that is energetic and vibrant, addressing the needs of today’s savvy leisure and corporate travellers. vibe Hotels offer stylish guest rooms in great locations at affordable prices”.

October 2003 saw the Barana and Toga acquisition of vibe Rushcutters on Bayswater Road (formerly the Rushcutters Harbourside Hotel) which will also be launched in February 2004.

Both vibe Rushcutters and vibe North Sydney will address a market gap in modern
accommodation across a range of market sectors, including domestic and international leisure and corporate travellers and value conscious small to medium enterprises looking for great conference spaces.

vibe North Sydney on Alfred Street is opposite Milsons Point Railway Station, has 165 rooms and sweeping views of Lavender Bay and Sydney Harbour. The four star hotel is close to the Sydney Harbour Bridge and minutes from major sightseeing, shopping and entertainment areas, as well as the famous North Sydney Swimming Pool. The property was built between 1991 and 1194 on the site of the former Rest Hotel. Additional conference rooms were added in 1996.