Medina Serviced Apartments today marks its twentieth year in property development and serviced apartment management with the launch of its seventeenth serviced apartment complex � Medina Classic Chippendale.

This latest development secures Medina�s stronghold on the Sydney serviced apartment market, where it now owns and manages 12 properties, currently operating at more than 80 per cent occupancy.

Located in Boundary Street, Chippendale, the 41 apartments in the $11 million development have a 3 and a 1/2 star rating.

To mark the launch, Medina Classic Chippendale opens with a range of very competitive room rates - $110 per night for a studio room, $125 per night for a one bedroom apartment and $167 per night for a two-bedroom apartment.

�Chippendale is one of the few near-CBD locations left for quality tourism developments,� said Medina Managing Director, Allan Vidor. �Located in the heart of an urban renewal precinct, demand for accommodation in this area is going to increase dramatically in coming years.

�There is strong demand for this grade of accommodation so close to the city and other important facilities, like Sydney University, Broadway Shopping Centre, Seymour Centre and the busy suburbs of Glebe & Newtown,� he added.

While occupancy rates in Australian hotels have slipped in recent months, particularly suffering from the downturn in the corporate travel market, occupancy rates are still rising across all of the Medina properties in Sydney, Melbourne, Canberra and Brisbane.

The latest Australian Bureau of Statistics figures reveal that the number of people staying in serviced apartments rose 9.3 per cent in March 2002 quarter, compared with a 0.1 per cent rise in the hotel sector.

The 41 studio, one and two-bedroom fully equipped & serviced apartments surround a central courtyard and entertainment area, which includes a swimming pool and barbeque area.

The development will include an on-site caf� and a range of extras for business travelers not seen in standard serviced apartment accommodation including data points for Internet access, voicemail, video/intercom access, facsimile and photocopying services and hire car rentals.

For further information: Michelle Fischl Medina Apartments (02) 9356 1024 Tim Allerton City Public Relations (02) 9281 7272