YTL Group Buys Country’s Largest Ever Hotel Property Portfolio: $415 Million For Marriott Sydney, Melbourne and Brisbane

MALAYSIA’s YTL Corp has paid a reported $415 million for a portfolio of three major hotels on the eastern seaboard.

The three hotels – the Sydney Harbour Marriott at 30 Pitt StreetCircular Quay, the Melbourne Marriott at the corner of Exhibition and Lonsdale streets and the Brisbane Marriott at 515 Queen Street – represent what is believed to be the country’s largest ever hotel property portfolio measured by value.

Read more

Spottiswoode Hotel Sells For $2.335 Million

A YEAR after its owner made headlines warning he could not pay a new $30,000 annual licence fee imposed by the former Brumby Government – the popular watering hole known by locals as “The Spotty” has sold and will be replaced with a high-end restaurant.

Until recently the 1888 Spottiswoode Hotel at 62 Hudsons Road, on the north-east corner of Hall Street, in Spotswood, traded four days a week.

Because of a 14-minute cabaret strip show, however, the ALP government in 2009 deemed the hotel a high risk club and increased its annual licence from $3500.

Read more

Prominent Pubs, and a Western Suburbs Development Site, Offered in $80 Million Portfolio

SOME of Melbourne’s most popular hospitality venues – and a major western suburb development site – form part of an $80 million portfolio of properties set to hit the market next month.

A consortium of Melbourne-based private investors, including Sebastian Catalfamo and Gilbert Cabral, will share in the spoils of the eight properties which are being offered separately.

In Melbourne, hospitality venues include The Point on Albert Park Lake – a 940-seat venue which is expected to sell for about $3 million.

Read more

Biggest US REIT May Pay $150 Million For Melbourne Hotel

THE largest lodging real estate investment trust in the United States may be moving into the Melbourne hotel market.

According to the AFR, Host Hotels & Resorts is eyeing the $150 million Hilton Melbourne South Wharf complex, at the riverside junction that divides the CBD from Southbank and Docklands.  The hotel was listed for sale by private developer Plenary which is expected to maintain some stake in the hotel.

A Host spokesperson confirmed it was “exploring acquisition and development opportunities” in the Asia Pacific.

Read more

Mulpha to Reap $120 Million From Melbourne Airport Hilton Hotel

MALAYSIA-based Mulpha Australia has listed its Melbourne Airport Hilton Hotel.

The 276-room low rise motel, opposite Melbourne Airport’s main terminal, is expected to sell for about $120 million as an investment. Mulpha purchased the hotel in 2004, as part of a portfolio offered by Principal Hotel Group.

The hotel includes 16 conference rooms, a gym, restaurant and swimming pool.

Read more

Pace Developments to Sell Brighton Beach Hotel

A PROMINENT near-new hotel opposite the Royal Brighton Yacht Club has hit the market with a price tag of $25.8 million.

The 59-room Quest complex, at 242 – 254 The Eplanade, is expected to sell to an investor or syndicate, who may sell down the 68-individually titled spaces within the complex, at a premium.

The waterfront property – available for sale as a whole by builder Pace Developments – also includes three penthouse apartments, retail and commercial components.

Read more
error: Content is protected !!