Taiwanese giant snaps up 5-star Melbourne hotel
Taiwan backed Shayher Group, which has a local office in Brisbane, has outlaid $200 million for another Australian 5-star hotel.
The Park Hyatt in East Melbourne, opposite the city border, is costing about $200 million – expectation when it hit the market in January.
Vendor Fu Wah International paid $118m in 2024, the property contains 245 suites, 13 function rooms, two restaurants, a bar, indoor pool, gym, tennis court and 845 car parks.
JLL’s Peter Harper and Nick MacFie, representing the China-backed seller, marketed it as a trophy with value-add upside.
The sale – the priciest commercial real estate transaction in a year – is subject to a management agreement with Hyatt.
Shayher invests again
Shayher, part of the Par Jar Group, renowned as an apartment developer, has been a somewhat active Australian investor since COVID.
The developer and investor will add the Park Hyatt to a local hospitality portfolio also with Brisbane’s W Hotel, which opened in 2018, with 312 suites, pre-committed to Marriott.
Three year ago, the group acted for investors which paid the Les Ansley family and Macroplan $265m for the Gold Coast’s Homeworld Helensvale homemaker centre.
On 20 hectares, that property also has development upside.
In 2021 meanwhile, Shayher outlaid $427m for Brisbane’s Milton Green business park – on four hectares with six offices containing c51,000 sqm.
Offered by Dexus and Sunsuper, this property isn’t far from the McDougall St office Shayher bought from Investa for $96m in 2016 for its headquarters.
On 1.5ha, it has airspace which could also make way for high rises.
Also four year ago Shayher paid c$200m for an office at 10 Barrack St, in the Sydney CBD.
Completed as United Airlines House in 1987, it contains c9500 sqm over nine floors.
On 900 sqm at the north east corner of York, it also has long term development upside.
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