Mazen Tabet has quietly picked up South Yarra’s Lyall Hotel & Spa, and is undertaking an opulent renovation.
Popular with Australian Open tennis players, the Murphy Street property, on 1967 square metres, cost $30.5 million from the operators of two decades, Peter and Rowina Thomas.
Staff and management will stay on following a planned reopening in 2023.
The refurbishment includes an expanded restaurant and bar and revamp of all 49 suites.
The deal comes five years since Mr Tabet paid the Bursztyn family $55m for St Kilda Road’s Royce Hotel, which is about to open its doors following a dramatic Art Deco themed renovation (image, top).
Elsewhere in the inner south, the publican last year picked up the recently refurbished Village Belle, at the north east corner of Barkly and Smith streets, in St Kilda (story continues below).
Also with a low rise apartment block, that property cost $31m, from the operators.
Outside of Melbourne, Mr Tabet owns the Portsea Hotel freehold – after paying Computershare co-founder Chris Morris $17.1m in 2016.
The businessman also forms part of a syndicate which early last year snapped up the ex-Isle of Wight site overlooking Cowes Pier, at Phillip Island.
Six years ago, the executive sold a Lansell Rd, Toorak, mansion to chef Shannon Bennett and actress Madeleine West for $16m.
Following a renovation, that property sold again last February, to members of the Zagame family, for $24m.
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