The first major hotel real estate portfolio to hit the open market in 2021 is now seeking Expressions of Interest, with CBRE Hotels appointed to source a new owner for three Melbourne hotels managed in the Accor stable.
The three hotels – Novotel South Wharf, Ibis Glen Waverley and Ibis Budget Melbourne Airport – are currently owned by Action Hotels Group, based in Kuwait. The portfolio, consisting of 575 rooms, can be sold as one lot or split into three separate assets, according to CBRE.
The CBRE Hotels team of Michael Simpson, Wayne Bunz and Scott Callow have been assigned to oversee the sale.
Recently developed and competed in 2018, the 347-room Novotel Melbourne South Wharf is the flagship of the portfolio and is situated adjacent to the Melbourne Convention and Exhibition Centre and the South Wharf retail and hospitality precinct. Completing the line-up is the 155-room Ibis Glen Waverley and the 73-room Ibis Budget Melbourne Airport Hotel, located within the Melbourne Tullamarine airport precinct.
CBRE Hotels Managing Director, Michael Simpson, said the portfolio provided a good mix of accommodation types to suit investor demand, with a good mix of 4.5-star, 3-star and 2-star corporate and leisure hotels spread across city and metropolitan locations.
“Australia is currently viewed as a safe-haven for international investors, underpinned by how well we’ve handled the COVID-19 pandemic,” added CBRE Hotels National Director, Wayne Bunz.
“Australia is expected to be a key beneficiary of inbound capital once borders reopen, with investors seeking to capitalise on a market rebound and Melbourne regaining its position as the country’s events’ capital.”
The move by Action Hotels Group to list its three properties comes a few months following the sale of another major hotel portfolio, with Iris Capital acquiring 17 Ibis branded hotels from AccorInvest in late 2020.
The Expressions of Interest campaign will remain open until 9 March 2021.