Ibis hotel in Melbourne on the market for $40m
Singapore-based Well Smart Investment Holding has put its mid-scale Ibis Budget hotel in Melbourne on the market.
With an expected sale price of between $35 million and $40 million, the 146-room Ibis Budget Melbourne occupies a four-storey and seven-storey building at 97-103 Elizabeth Street.
CBRE’s Scott Callow and Wayne Bunz are managing the sale on behalf of Well Smart.
“The Ibis Budget represents an entry point 146-room hotel, which is hard to come by in the CBD due to escalating land values over the past five years,” said Callow.
Well Smart purchased the property, which doesn’t include the four ground floor shops and basement, for $18 million in 2012.
Well Smart has two more hotels in its portfolio including the Mantra Terrace Hotel in Brisbane and the Mantra Club Croc Airlie Beach in the Whitsundays.
Sheridan Randall, 20th June 2019
