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Folkestone launches $44m hotel fund

People & Companies / Latest News

Australia

Nov 21 2017

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Carolyn Cummins, The Sydney Morning Herald

Folkestone has expanded its footprint in the hotel sector with the launch of the new Green Square hotel fund, being developed in unison with Furnished Property, an associated party of the asset's operator, Veriu Hotels & Suites.

Under the scheme Folkestone, run by property stalwart Greg Paramor, is seeking  $23.2 million and together with borrowings of $21.75 million, will buy the site at 18 O'Riordan Street, Alexandria, to construct a 144-room Veriu hotel. This will add to Veriu's stable which includes its new Broadway hotel.

Go to The Sydney Morning Herald and read the full story.

SOURCE: The Sydney Morning Herald

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