We are proud to be the first owner of a voco branded hotel in the world and to have worked closely with IHG to bring this new brand and service culture to the Gold Coast, making the high-quality refurbishment a reality in only five months.
Voco – inspired by the Latin term meaning ‘to invite’ - is positioned as a modern lifestyle brand catering to modern professionals and leisure-seekers, with a focus on sustainability and vibrancy. The brand forms part of the rapidly growing upscale and lifestyle hotel sector which is estimated to reach $60 billion in market value by 2025.
Formerly the Watermark Hotel and Spa, Japanese-based HIS International sold the property to Melbourne-based fund manager SB&G earlier this year, in a deal estimated to have exceeded $100 million. SB&G Hotel Groups owns five other IHG-operated hotels in Australia including InterContinental Melbourne The Rialto, Crowne Plaza Melbourne, Crowne Plaza Coogee Beach, Crowne Plaza Canberra and Holiday Inn Potts Point, Sydney.
The transaction represents a strong opportunity for growth given the synergies with our existing portfolio of hotels across Sydney, Melbourne and Canberra.
The acquisition of the hotel represents another win for the Gold Coast, which has experienced unprecedented activity and success this year as a result of playing host to the Commonwealth Games. Earlier in 2018, the region welcomed the openings of the luxury Darling at the Star Gold Coast and the first of four towers in the new 1600-room 'Ruby Collection' development. A further five projects are in the pipeline through to 2024, which if all were to proceed, would represent up to an additional 1,000 rooms on the Gold Coast.
Following acquisition, the voco's 389 rooms have been fully renovated, complemented by 800 square metres of meeting space which is currently undergoing renovations, and expected to be completed by the end of 2018. The hotel offers seven meeting rooms, including the Poolside Marquee for up to 80 guests and the Atlantis Ballroom with capacity for up to 400.
Dining options include buffet restaurant Waves, Clifford’s Grill & Lounge and new casual café and bar Social House. Additionally, the hotel offers guests two swimming pools, a gym, day spa and expansive views of the ocean and hinterland.
Voco Gold Coast is the first of an expected series of hotel signings for the new brand, with IHG aiming to have 15 voco properties in the pipeline globally by the end of 2018. Two more voco properties have already been signed in Australia, with voco Melbourne Central and voco Yarra Valley coming in 2020 and 2021 respectively. IHG initially plans to roll out the voco brand in Europe, Middle East, Asia and Africa (EMEAA) region, with preparations to extend the brand to the Americas and Greater China regions over time.