Tourism Asset Holdings to Sell Prominent St Kilda Novotel Complex
TOURISM Asset Holdings Limited can expect to make between $55 and $60 million from the sale of the landmark Novotel Melbourne hotel complex in bayside St Kilda.
On a freehold 5791 square metre site, the hotel includes 211 rooms over six levels. It is zoned residential, has a car park and is expected to arouse interest from developers who may propose a much higher density apartment tower compound.
The hotel is near the St Kilda Triangle site, a subject of a redevelopment proposal, after a failed attempt to replace the site with a shopping centre a few years ago.
