The Alpe family has sold 50% of its Jucy Snooze Ltd pod hotels business to ASX-listed Event Hospitality & Entertainment Ltd.
The transaction went through at the beginning of February, with Event holding its stake through Noah’s Hotels (NZ) Ltd.
Event operates the largest cinema circuits in Australia, New Zealand & Germany and has over 60 hotels under brands including Rydges, QT & Atura brands, It also operates Australian ski destination the Thredbo Resort.
Jucy Snooze, a micro-accommodation provider which has hotels in Auckland, Queenstown and Christchurch, is New Zealand’s first hotel chain to offer pod-style rooms for budget-conscious travellers.
Jucy chief executive Tim Alpe said last week the deal would allow the company to accelerate the chain’s expansion throughout New Zealand, Australia & into other international markets.
“We were approached by the Event team as they had seen our unique accommodation offering and were wanting to move into the growing ‘flash-packer’ market.
“They bring significant experience in hotel development, procurement, food & beverage and operations as well as capital investment and access to new sites in Australia, which will allow us to fast-track the export of the Jucy Snooze concept into that market.
“Without this investment, we would have been able to open a new site every few years, but we now hope to significantly expand the Jucy Snooze offering over the next 5 years to cater for the growing demand for this product offering.”
In addition to planned sites in Australia, Mr Alpe said the deal would mean more accommodation around New Zealand.
“We have been wanting to move into the Australian market for some time. The locations of the new hotels will be aligned with the distribution of our vehicle rental fleet, which provides a more seamless travel experience for the target market.”
Attribution: Jucy release.