The Covid-19 shutdown has forced hoteliers to find new ways to fill their rooms, with Frasers Hospitality now offering 12-month leases on some of its apartment style tenancies.
The move by the Singaporean owned hotelier to switch to residential rentals follows reports that up to 300,000 hotel rooms are sitting empty across the country.
Frasers will now offer weekly rents on leases of three to a maximum of 12 months across its fully furnished serviced apartments in Sydney, Melbourne, Brisbane and Perth.
“Our leasing strategy is tailored for each property and market, but as a starting point we’re looking to make 20-30 per cent of the suites in each property available for longer stays,” Frasers Hospitality’s Matt Rubie told the Australian Financial Review.
“In Melbourne this target has already been exceeded, so we’ll extend this offer to more rooms to meet the demand. In Sydney, we have secured tenants for around 10 rooms and enquiry levels from potential tenants are steady for the Brisbane and Perth properties.”