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.

 

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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