Worldwide Hotels Group makes another high-priced hotel acquisition

Legend Land Melbourne, a subsidiary of Worldwide Hotels Group, has acquired Novotel & ibis Melbourne Central Hotel for A$170 million ($112.8 million).

CBRE Hotels brokered the sale on behalf of Well Smart Investment Holdings as part of the group’s capital recycling strategy.

The deal is considered the largest hotel transaction in Melbourne in more than five years.

The Novotel & ibis Melbourne Central Hotel was built in 2018 as Australia’s first dual-branded high-rise hotel. Its ibis component has 259 lower-level rooms, and its Novotel component has 213 rooms. Guest amenities include two restaurants, a bar, conference and meeting spaces, recreation facilities and covered car parking.

“We have strong confidence in the Melbourne hotel market and its rapid recovery, given it is Australia's most populated city and the nation’s events capital, which has consistently demonstrated its ability to absorb new supply,” said Wayne Bunz, CBRE Hotels�