Vibe Hotel Goulburn Street announcement

Toga Announce New Vibe Hotel in Sydney

PRESS RELEASE | 8 June 2004

Toga Group, parent company of the hospitality twins Medina Serviced Apartments and Vibe Hotels Australia, has signed contracts for a third vibe Hotel for Sydney, in a prime CBD location. During the period September 2004 to June 2005 the hotel will continue to operate while rooms and public areas undergo a complete soft refurbishment to ensure they deliver the vibe Hotels standard (four star). The sale is expected to be completed on 26th August 2004.

The latest acquisition, is the Quality SC Hotel formerly known as the Southern Cross Hotel in Sydney’s CBD which is being sold by Kengfu Properties Pte Limited, a subsidiary of the Singaporean property group Lian Huat. The deal was brokered by Mark Durran of Jones Lang LaSalle Hotels and structured by Jay Andrews of Freehills and Sevag Chalabian of Lands Legal.

Toga Group founder and Executive Chairman Ervin Vidor said that “the acquisition fit the groups current strategy of investing in key tourism assets with strong turnaround potential. In particular we see Sydney as having strong growth prospects in the short to medium term”.

The hotel is located on the corner of Elizabeth and Goulburn Streets and was originally opened in July, 1983. Boasting 192 guest rooms and leisure facilities that include restaurant, bar, roof-top pool and spacious conference rooms, the hotel is within easy reach of many major city attractions.

The Toga Group also known for its Medina Serviced Apartments recently launched the Vibe brand of hotels in October 2003 with the opening of vibe Rushcutters (formerly Rushcutters Harbourside Hotel) and followed in January 2004 by the opening of vibe Hotel North Sydney (formerly The Duxton). vibe Hotels are, in concept and performance, fresh, dynamic and individual.

The vibe concept has been designed to leverage off Medina’s already established skill as an accommodation operator and reputation for delivering reliable results to investors. “Well located hotels without a strong sales force and no local brand connection offer good opportunities for a group such as vibe Hotels. The necessary skills to make our food and beverage operations as successful as our rooms division were already available in the group. Our design team are working on a makeover of the interiors to create the fresh uncomplicated feel that modern value-conscious travellers demand” said Bruce Copland, CEO of vibe Hotels.