Serene Capital seeks $70 million for Ibis Swanston Street

Serene Capital is selling a Melbourne hotel after three years.

The six year old complex, branded Ibis Swanston Street, is expected to trade for about $70 million following a campaign targeting hoteliers, investors and student accommodation providers.

Serene paid $52 million for the asset at 606 Swanston Street, opposite Lincoln Square, in Carlton.

At the time, it was tenanted to Tune.

Offered this time as a freehold with the associated operating business – any incoming owner could also shut the existing hotel and assume vacant possession.

The complex is designed with 235 guest rooms, a café, restaurant and car park.

“Many buyers are looking to introduce new hotel brands to the Melbourne market, which is driving interest in assets such as Ibis Swanston Street, which are available with vacant possession,” CBRE Hotels Scott Callow said.

“The property’s prime northern CBD location will be another draw card, with the asset located in one of Melbourne’s most in demand precincts, offering access to tram services and the new $11 billion Melbourne Metro Rail Tunnel”.

Mr Callow is marketing Ibis Swanston Street with colleague Wayne Bunz.

Hotel rooms could be configured into student accommodation suites easily, the brokers said.

Colliers International’s Guy Wells is handling interest from any student accommodation providers.

The property is close to both the University of Melbourne and Royal Melbourne Institute of Technology.

The surrounding student population numbers over 130,000 and benefits from strong international enrolments at surrounding institutions, with approximately 500,000 international students, the brokers said.

“Ibis Swanston Street is centrally located amongst many of Melbourne’s largest and most recently developed student accommodation facilities,” Mr Wells said, adding that the building’s floor plan “could easily be re positioned to suit the student accommodation sector”.

Serene Capital was formerly known as Aligned FM – a company established in 2014 by ex-Eureka fund manager Glen Boultwood and former InterContinental Hotel Group executive, Victoria Clent.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of