Biggest US REIT May Pay $150 Million For Melbourne Hotel
In the first three months of 2011, Host has acquired three hospitality holdings: the Manchester Grand Hyatt San Diego, the New York Helmsley Hotel, and a portfolio of seven New Zealand properties acquired from that country’s Tourism Asset Holdings.
Any sale of the South Wharf Hotel follows the $54 million sale of the Travelodge Docklands Melbourne, and the $109 million Hilton Melbourne Hotel – both of which have been acquired by Singaporean investors.
The Melbourne Hotel deal valued rooms at $395,000 per room, which is the higest price per room for a five-star hotel reported since the 2008 economic downturn. On the assumption of that sale, the South Wharf hotel would fetch about $156 million.
