Erdigroup Pays $18.25 Million For St Kilda’s Marque Hotel

According to the company’s website, the property – which sold late last year – will be rebranded Urban St Kilda and run under a new lease with the listed Accor Group. It’s believed the hotel sold on a yield of about 7 per cent.

Urban St Kilda includes 80 rooms, a gymnasium, bar, cafe, restaurant and conference rooms.

The sale was negotiated through Jones Lang LaSalle’s Mark Durran, who said the Melbourne hotel market still appears healthy.

Recently, fund manager CBus Property put up for sale the Hotel Lindrum in Flinders Street, in a deal expected to reap about $20 million. CBus is also offloading the Harbour Rocks Hotel in Sydney. Both hotels will be offered with vacant possession.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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