Kuwaiti-owned Action Hotels Group has listed its three Melbourne properties for sale in the first major hotel portfolio offering for 2021.
The CBRE Hotels team of Michael Simpson, Wayne Bunz and Scott Callow has been exclusively appointed to steer the Expressions of Interest campaign for the Accor-managed assets, including the Novotel Melbourne South Wharf.
The campaign follows last year’s $180m portfolio sale of 17 Ibis-branded hotels to Iris Capital.
The Action Hotel Group assets will be available separately or in-one-line, providing a total of 575 guest rooms.
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 noted; “The portfolio provides a spread of accommodation types to suit investor demand, with 4.5, 3.5 and budget 2.0 star corporate and leisure hotels in CBD, metropolitan and airport locations.”
CBRE Hotels’ Mr Bunz added; “Australia is currently viewed as a safe-haven for international investors, underpinned by how well we’ve handled the COVID-19 pandemic. 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 Melbourne listing follows Action Group’s divestment of the Ibis Styles Brisbane in late 2018.
Action Group’s Andrew Nehme said; “For some time we have been fielding a number of unsolicited offers for the portfolio both direct and from intermediaries. Given the strength and depth of capital in the market and the impending tourism recovery, we felt that it was a good time to approach the market in a coordinated way.”
The Melbourne Expressions of Interest campaign closes March 9, 2021.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.