Singapore giant buys historic Melbourne hotel

Singapore based Fragrance Group has snapped up the historic Savoy Hotel on Little Collins Street.
Following an off-market deal worth $69.8 million, the transaction with TFE Hotels, formalised December, settled March.
It comes a decade since Fragrance bought a neighbouring block, then known as the Old Savoy Tavern, on the south east corner of Spencer and Bourke streets, from former Toll Group executive director Mark Rowsthorn.
That property is now a 68 level apartment building, the Premier Tower, sometimes called the Beyonce Tower (image, below).
Fragrance’s latest play, built in 1866, fully renovated with 163 suites and event spaces, on 914 sqm with airspace development upside, is at the north east corner of Spencer St.
The deal comes three months since we reported Thailand based Shayher Group was buying East Melbourne’s Park Hyatt from Fu Wah International for c$200m.
Fragrance builds local portfolio
Directed by billionaire Koh Wee Meng, Fragrance has a diversified local portfolio and development pipeline.

The deal comes three months since we reported Thailand’s Shayher Group was picking up East Melbourne’s Park Hyatt.
Last month we reported it bought Hobart’s long-vacant Welcome Stranger, formerly known as the Freemasons Hotel, for $4.4m.
Last year meanwhile it acquired two Hobart hotel investments from the University of Tasmania, outlaying a total c$42m.
Fragrance also owns the UTAS’ Conservatorium of Music in Sandy Bay.
In Perth meanwhile, its book includes the historic London Court, picked up in 2021 after being offered for the first time over 70 years.
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