Event takes over management of Sydney and Perth boutique hotels

George Sell By George Sell
02 October 2018 | Updated 02 October 2018

Australia: ASX-listed hotel owner and operator Event has added three boutique hotels in Perth and Sydney to its portfolio.

The three hotels are the 95-room Ultimo Sydney in Chinatown, the 98-room Pensione Hotel Perth and the 43-apartment All-Suites Perth, All three will be managed by Event from October 29 as independent brands alongside its portfolio of Rydges, QT, Atura and Art Series hotels. Event has a portfolio of 55 properties and almost 9000 rooms.

The Aarons Hospitality Group, led by Warwick Evans, owns the Ultimo Sydney and Pensione Hotel Perth and previously managed the All-Suites Perth, which has individual apartment owners. Currently the three hotels are operated by 8Hotels.

Event's director of hotels and resorts Norman Arundel said: "We look forward to working with the incredible local teams to amplify these hotels' offerings through Event's sales and marketing channels, and providing our guests the unrivalled hotel experience they've come to expect from our brands."

8Hotels CEO Paul Fischmann said the three hotels did not fit into the company's strategy of "developing and managing new and cutting edge hotels in strong markets". "We agreed to terminate the contracts and pass them on to Event Hospitality. We've enjoyed and will continue to enjoy a very good relationship with the hotels' owners," Fischmann said.

Event's hotel business delivered profits before tax of $69.3 million in the previous financial year, a fall of 13 per cent. The company, which is chaired by billionaire investor Alan Rydge (also Event's biggest shareholder) also operates a major cinema business as well as owning and operating the Thredbo ski resort.

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