Melbourne’s Pullman on the Park tipped to fetch $200 million
Melbourne’s Pullman on the Park has been put on the market with expectations that the price could top $200 million.
Current owner Brookfield Asset Management is checking out after putting the hotel, a favourite post-game venue for Melbourne’s football and cricket fans attending the MCG, through a $12.5 million refurbishment overhauling its bar and lobby.
The hotel was the Hilton on the Park until 2015.
The five-star hotel, located at 192 Wellington Street East Melbourne sits right opposite Jolimont train station and has views stretching across to the MCG, CBA and Fitzroy Gardens.
It has 419 rooms, conference facilities, parking space for 215 cars and a 1000 person ballroom for events and weddings.
McVay Real Estate chairman Dan McVay said that while it had been on the market for a few days, it had already attracted interested from investors outside of Victoria and as far as Singapore and Hong Kong.
“We have had a heap of interest and we have only just launched it,” McVay told realcommercial.com.au
“It will be somewhere around $200 million, we have plenty of people wanting to inspect it at that price. But in this competitive market, anything could happen.”
He said the Melbourne hotel market is booming.
“Melbourne’s hotel sector has some supply coming with the Ritz and The W Hotel, but it needs it – the market is quite strong,” Mr McVay told realcommercial.com.au
Tourism Accommodation Australia Victorian general manager Dougal Hollis says the listing is well timed.
He points to the growing success for the city’s popular hotels.
“Investor interest is no doubt encouraged as a result of continuing strong growth in domestic and international tourism to Victoria, Mr Hollis told realcommercial.com.au.
“Melbourne topped the list of Australian capital cities for domestic visitor nights spent in hotels, motels and resorts for the year ended September 2017 (9.74 million nights).
The expressions of interest campaign for the Pullman on the Park is scheduled to run until March 15.
by Leon Gettler, February 8th 2017.
