The $45 million Veriu Green Square hotel development commenced construction this week, set to bring a further 144 rooms to Sydney's thriving hotel market when it opens late 2019.

The hotel is located at 18 O'Riordan Street, Alexandria, within the $13 billion, 278-hectare Green Square Urban Regeneration Area and is strategically located approximately 120 metres from the Green Square Train Station. The Sydney Airport Domestic and International Terminals are two and three stops respectively to the south; Central Station is one stop to the north and the CBD is just 5 kilometres away.

Development of the hotel is a joint venture between Veriu Hotels & Suites, one of Sydney's dynamic new boutique hotel brands, and Folkestone, an ASX listed real estate funds manager and developer. The joint venture pre-sold the hotel in November 2017 to the Folkestone Green Square Hotel Fund which intends to own the hotel long-term. Construction and fitout group, FDC, are undertaking the construction of the hotel.

Veriu Green Square is the first new build hotel for the Veriu group, who have created a growing network of bespoke hotels by converting former warehouse spaces and heritage buildings. It will be the fifth hotel in Sydney for Veriu, joining its network of city-fringe hotels located in Broadway, Surry Hills, Camperdown and Randwick.

“This is an exciting development for Veriu and for this growing precinct. As Sydney's infrastructure continues to develop there is a need for a quality accommodation option in this area to service business and leisure guests in close proximity to the CBD, sporting and entertainment facilities and the airport,” said Rhys Williams, Co-Director of Veriu Hotels & Suites.

The hotel will offer a lobby lounge bar, a restaurant offering a menu sourced from local produce, a gym, work space, and studio suite accommodation, catering to both short and long-term stays. Direct access to the new Green Square town centre including retail outlets, community library and aquatic centre is all within walking distance from the hotel.

Folkestone's Managing Director, Greg Paramor said, “We are delighted to have started construction of this hotel which will no doubt add to the vibrancy of the Green Square area and offer guests an inviting stay experience in a highly convenient location”.

This is Folkestone's second hotel investment in Sydney following the acquisition of the Mercure Sydney International Airport Hotel in 2017.

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ABOUT VERIU HOTELS
Veriu Hotels & Suites are inspired by the authenticity of local experiences combined with the convenience of traditional hotel service and excellence. Veriu offers hotels located in Sydney's vibrant village precincts of Broadway, Camperdown and Randwick with further hotels opening in Sydney Central, Elizabeth Bay and Surry Hills over the next 12 months. An exciting new build development in Sydney's Green Square, in partnership with Folkestone property fund managers, is set to open in 2019. Veriu Hotels provide both traditional style hotel rooms as well studio, one bedroom and two bedroom apartments incorporating interior design in keeping with local surroundings. Created by property and hospitality specialists Alex Thorpe and Rhys Williams, who developed a successful long stay accommodation business, Furnished Property, in 2002, the Veriu vision is to create a portfolio of hotels with a diverse mix of heritage and new developments – all purely Sydney and embracing the local village character. The Veriu name is derived from the Latin word 'verus' which means true and genuine; and 'u' an expression of individuality – the places u go, the people u meet, the experiences u have and the stories u create.

ABOUT FOLKESTONE
Folkestone (ASX:FLK) is an ASX listed real estate funds manager and developer providing real estate wealth solutions. Folkestone's funds management platform, with $1.5 billion under management, offers listed and unlisted real estate funds to private clients and select institutional investors, while its on balance sheet activities focus on value‐add and opportunistic (development) real estate investments. www.folkestone.com.au