Quest to expand serviced apartments in NZ, Australia

By NZPA

Wednesday 26th June 2002

Serviced apartment developer Quest plans to almost double the number of Australasian properties on its portfolio, with at least 10 new blocks planned for New Zealand.

Quest chairman Paul Constantinou said the company planned to increase its number of Australasian properties from 65 to 120 over the next five years.

This increase would give the company, founded in Melbourne in 1988, about 4000 apartments in Australia and New Zealand.

Quest opened in New Zealand five years ago, and now has five properties in Auckland and three in Wellington.

The 10 additional properties, costing about $A10 million ($NZ11.7 million) each to develop, would be located in both the North and South islands, though exact locations were still being determined.

Mr Constantinou's announcement today came in conjunction with Quest becoming affiliated to the UK-based Mansley Travel Apartments group which boasts 200 serviced apartment properties in the UK, Europe, United States and South Africa.

"Creating a global link has been a core element of our growth strategy," Mr Constantinou said.

"A reciprocal direct reservations link puts our serviced apartments industry on the world map."

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