After several years of first creating and then operating Hotel Hotel and hatted Monster kitchen and bar, artisan focused property developer and creative production house Molonglo Group has sold the hotel and Monster businesses to Ovolo Hotels.
The hotel will be run by Ovolo Hotels and the change in name and management will take effect from the 1st March 2018.
It marks the second major hotel purchase for Ovolo in a week, following the Hong Kong-based Group’s acquisition of Emporium Hotel Brisbane last week.
The private sale between Molonglo Group and Ovolo Hotels includes the businesses, operations and the staff that work and care for the hotel and restaurant.
The negotiation was facilitated by National Director of CBRE Hotels, Wayne Bunz. As owners of the NewActon Precinct and the Nishi building (home to Hotel Hotel), Molonglo Group will continue to activate the precinct through its cultural program.
All current employees at the hotel and restaurant will be retained. The change will increase opportunities for staff to travel and work on a broader range of Ovolo Hotels’ projects nationally and internationally.
This move represents Ovolo Hotels’ continued aspiration to explore the hotel landscape and their interest in taking on additional management arrangements with other boutique hotels in the near future.
“Ovolo Hotels has been well received in Australia and we are proud to bring our signature concept to the Australian capital. We believe this venture is the perfect alignment and are delighted to be associated with this property,” said Girish Jhunjhnuwala, CEO of Ovolo Hotels.
The property development and creative production house, Molonglo Group, will be working on a number of architecture, design, cultural and experimental projects in 2018, across Australia and internationally.
“We wanted to do something special in both Canberra and Australia, I think we’ve achieved that. Hotel Hotel was the physical manifestation of ideas that we had been exploring for several years. About architecture, design, objects and furniture; and how they can help us to evolve and expand Canberra’s civic sense of itself with others,” said Nectar Efkarpidis, director of Molonglo Group.
“We are proud of Hotel Hotel. The goodwill that we have received through this project from collaborators and staff that we have worked with over the last few years has been enormous. Through it, we have made life long friends.
“This move will allow us to focus on new projects ahead both in Canberra and beyond. Hotel Hotel will continue without its physical embodiment in the form of our creative projects, through film and publishing, exploring ideas around the purpose of place and how we fit into it,” Efkarpidis said.
Ovolo Hotels will now operate in Hong Kong, Sydney, Melbourne, Brisbane and Canberra, signalling rapid expansion for the company with three new hotels joining its portfolio in the last six months.
“This marks an exciting time for Ovolo and we look forward to entering the Canberra market with this incredible asset,” said Dave Baswal, COO of Ovolo Hotels.