Australia-based EVENT buys half of Tim Alpe's Jucy Snooze

Jucy Snooze operates pod-style rooms for budget travellers. Photo / Supplied

Kiwi pod-hotel chain Jucy Snooze is set for rapid expansion after entering a new joint venture agreement with Event, one of Australasia's largest hospitality brands.

ASX listed Event Hospitality and Entertainment (Event), which has a market capitalisation of A$2 billion (NZ$2.08b), has bought 50 per cent of the micro-accommodation provider for an undisclosed sum.

Jucy Snooze, which operates pod-style rooms for budget travellers, has properties in Christchurch and Queenstown, with a new Auckland property due to open mid-2020.

Jucy chief executive Tim Alpe said the joint venture was ''significant'' and would allow the company to accelerate expansion of the chain throughout New Zealand, Australia and beyond.

"The Event team brings significant experience in hotel development, procurement, food and beverage and operations, as well as the expertise needed to successfully expand domestically and into new markets.''

Without the investment, expansion would have been slower, but the firm now aimed to expand the Jucy Snooze offering over the next five years to cater for the growing demand.

"We have wanted to move into the Australian market for some time; the locations of new hotels in Australia will be aligned with the distribution of our vehicle rental fleet, to provide a more seamless travel experience for the target market."

Jucy car rental has branches in six Australian cities including; Melbourne, Sydney, Brisbane, Gold Coast, Adelaide and Cairns.

Chief executive of Event, Jane Hastings, said the acquisition would drive Jucy Snooze's expansion, while opening up a new growth segment for the Event group.

''We look forward to growing the brand throughout Australasia and other parts of the world, utilising our expertise and relationships."

Event has more than 9000 staff across Australia, New Zealand and Germany. It operates the largest cinema circuits in these countries alongside more than 60 hotels across the Rydges, QT and Atura brands and Australia's premier ski and adventure destination, Thredbo Resort.