Oaks Hotels Secures Hotel Rights at Ubertas 568 St Kilda Road Rhapsody Development

"The transaction gives Oaks Group caretaking and letting agreements for the building and a 20 year agreement to operate serviced apartments in the first six floors of the building," a statement from the tourist serviced provider said.

Oaks Group managing director Brett Pointon said the development will be an ideal addition "given the style, location and features of the development"

"This deal was a rare opportunity for Oaks Group as there are very few new developmentsw in the Melbourne CBD area and even less with the features of Rhapsody," he said.

Rhapsody, at 568 St Kilda Road, will soar 17-levels. Construction is set to start in May, and be complete in the second half of 2011.

Boutique builder Ubertas is reported to have paid more than $15 million for the rundown office building at 568 St Kilda Road in late 2007. It started marketing apartments in Rhapsody last year.

"Rhapsody will feature one, two and three bedroom apartments, a state of the art gymnasium and is designed for low carbon emissions and water and energy conservation," Mr Pointon said.

Oaks Hotels and Resorts manages 35 properties and over 5,000 rooms across Australia and New Zealand and the United Arab Emirates.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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