Park Hyatt Melbourne has been sold to Thailand-based group KS Hotels in what JLL reports to be the largest hotel transaction in Australia this year.
The sale, negotiated by JLL Hotels and Hospitality Group’s Peter Harper, Nick MacFie, and Camilla Tamburini, is also reported to be the largest hotel transaction in Melbourne since 2017.
The luxury hotel, located in the ‘Paris End’ of Melbourne’s central business district, features 245 guest rooms and suites, multiple conference and event rooms, a signature restaurant and bar, indoor swimming pool, fully equipped gymnasium, and a substantial car park.
“The sale of Park Hyatt Melbourne presented a generational opportunity in a market that has recently demonstrated trading outperformance and cemented itself as one of Asia Pacific’s most dynamic investment destinations,” said JLL’s Managing Director and Head of Investment Sales Australasia, Peter Harper.
“The strategic sale process leveraged JLL’s fully integrated Asia Pacific platform to ensure comprehensive capital coverage in a targeted manner. It resulted in an incredible level of interest from both offshore and domestic buyers with over 120 enquiries received and 25 inspections undertaken.”
JLL’s Senior Vice President, Nick MacFie said the sale reinforces the heightened demand for hotel assets in and around the CBD, as well as trophy assets nationally.
“As Melbourne’s only on-the-ground hotel brokerage team, we can say with complete authority that there is a distinct lack of quality offerings for the volume of capital seeking highly desirable assets, especially freehold, in prime locations,” he said.