Singapore group buys Australian hotel for A$230m
Singapore-based group UOL has paid A$230 million ($174 million) for the Hilton Melbourne South Wharf in Melbourne, Australia. The sellers were Host Hotels & Resorts and infrastructure investor Plenary Group. The deal is subject to review by Australia’s Foreign Investment and Review Board.
UOL plans to rebrand the396-room hotel as Pan Pacific Melbourne, part of its plan to expand its portfolio and management businesses through Australia. Pan Pacific Hotels & Resorts is one of two hotel brands operated by UOL.
The 13-story hotel was completed in 2009 as part the $1 billion Melbourne Convention and Exhibition Centre precinct developed by Plenary. Plenary sold a 75 percent equity stake in the hotel to Host Hotels for $137 million in 2011.
Another Asian investor in Melbourne’s CBD hotel sector is Daisho Development Melbourne, which has plans to develop the W Melbourne with W Hotels Worldwide and Cbus Property. W Melbourne, expected to open in 2020, will b