The Karim family pays hugely discounted $52.5m for the former Bank of China building near Wynyard Station and will spend $30m turning it into a luxury hotel.
at its District Docklands precinct in Melbourne up for sale with an asking price of about $90 million, while MG is selling two Accor-operated Art Series Hotels – The Olsen on Chapel Street in South Yarra and The Cullen in Prahran – for around $175 million.
Also hitting the market with price expectations of around $35 million is the 103-room Sebel Melbourne Ringwood, which was developed and operated by the Brady family’s Amber Property Group under a franchise agreement with Accor. The Prince of Wales Hotel in St Kilda, which has an undisclosed asking price, but last traded for $45 million in 2015 when it was bought by Jackalope Group, is also on the market.
The JLL Hotels team of Peter Harper, Nick MacFie and Simon Quinn and has been appointed to market the Nesuto and Art Series Hotels and are co-agents on the Sebel Ringwood alongside Stonebridge’s Rorey James, Justin Dowers and Kevin Tong.Ritz-Carlton Melbourne Mr Harper said the listing of several high-profile Melbourne hotels followed a period of inactivity due to concerns at how the city would recover from the COVID-19 period given the large volume of new supply coming online.
“Not only has the performance of the Melbourne market exceeded all expectations and reinforced its world-class fundamentals, but a couple of high-profile deals have taken place so far this year and that has shown that there is high conviction for Melbourne as an investment destination among global investors,” Mr Harper said.
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