KS picks up 5-star Melbourne hotel
KS Hotels & Resorts has snapped up Melbourne’s Park Hyatt after a deal earlier this year to Shayher Group – also from Thailand – didn’t proceed.
The value for the 5-star East Melbourne hotel was unchanged between reported deals – at c$205 million.
Vendor Fu Wah International, which is headquartered in China, paid $118m in 2014.
The deal comes a month since we reported Singapore based Fragrance Group outlaid $69.8m for the city’s Savoy Hotel.
Park Hyatt sells
Opened in 1999, the Park Hyatt contains 245 suites, 13 function rooms, two restaurants, a bar, pool, gym and tennis court.
There are also 845 car parks.
JLL’s Peter Harper and Nick MacFie were the agents.
The price is the biggest for a Melbourne hotel since 2017, they said.
The sale was subject to a management agreement with Hyatt.
Subscribe to our newsletter at the bottom of this page.
