PEC Portfolio’s $50 million Hyatt Place in Springvale

South-East Melbourne is getting a new hotel with Hyatt Hotels Corporation announcing that it has entered into a management agreement with PEC Portfolio Springvale Pty Ltd for a 200-key Hyatt Place Hotel.

Melbourne investment management firm PEC Portfolio will build the $50 million luxury hotel.

The eight-storey Hyatt Place hotel will be located on the corner of Springvale, Dandenong and Centre roads.

That puts it in the heart of the Monash Employment and Innovation Cluster, an area that is the hub for a number of academic institutions, businesses and medical facilities.

It’s a hub that supports about 75,000 jobs and contributes $9.4 billion to the Victorian economy. Suburbs in the hub are Huntingdale, Clayton, Mulgrave, Notting Hill and Springvale.

PE’s chairman Martyn Barnes said the site was sitting on one of the busiest intersections in Melbourne.

“It’s the gateway to Melbourne’s second largest employment cluster outside Melbourne CBD, with easy access to both Monash University and Monash Hospital,” Mr Barnes told the Herald Sun. 

It will be part of a mixed-used complex, which will also include co-working facilities and retail stores. 

Hyatt Place Melbourne Springvale will become the second Hyatt Place hotel in Australia.

It is expected to create 280 construction jobs and 226 ongoing jobs with plans to open it in 2020. 

The total investment is for $113 million, comprising a $50 million initial investment and $63 million of induced economic output into the wider economy.

“We are delighted to expand the Hyatt Place brand in Melbourne, Australia’s second largest city,”  Hyatt Hotel Corporation’s Asia Pacific group president David Udell told the 9th annual Australasian Hotel Industry Conference and Exhibition (AHICE) in Melbourne

“The hotel will mark the tenth Hyatt-branded hotel in Australia and it will be a great addition to Hyatt’s brand footprint in Melbourne, which includes Park Hyatt Melbourne, Grand Hyatt Melbourne and Hyatt Place Melbourne Essendon Fields.”

Leon Getler 3rd May 2018.