CBRE Hotel’s Wayne Bunz and Scott Callow will steer the sale campaign for the 146-room hotel, which was previously marketed in mid-2019.
Melbourne, Australia – Improving market prospects have spurred Well Smart Investment Holdings to re-test investor interest in the Ibis Budget Melbourne CBD hotel.
CBRE Hotel’s Wayne Bunz and Scott Callow will steer the sale campaign for the 146-room hotel, which was previously marketed in mid-2019.
While several offers were received at the time, the property was later withdrawn from the market.
Mr Callow said the new Expressions of Interest campaign has been launched amid signs of a slow market recovery, with the CBD hotel positioned to benefit from its proximity to both Flinders Street Station and many of Melbourne’s major demand drivers for the corporate, conferencing and leisure market segments.
Situated on Elizabeth Street, between Collins and Bourke Streets, the 3.0-star hotel features 146 recently refurbished guest rooms, 24-hour reception, a food and beverage outlet and other supporting facilities.
The modern property is operated by AccorHotels, Australia’s largest hotel management company, under a long-term agreement.
“The Melbourne CBD hotel market is typically tightly held and is expected to rebound strongly once international borders reopen,” Mr Callow said.
“The Ibis Budget provides a rare entry point acquisition opportunity in the Melbourne CBD, given the escalation in city land values over the past five years.”
Mr Bunz added; “While new supply is an ongoing consideration for CBD hotel markets nationally, the main focus in the 4-5-star sector, with strong ongoing demand expected for budget accommodation.”
Ibis Budget Melbourne CBD is being offered for sale via an Expression of Interest campaign, closing 15th April 2021 at 5pm (AEST).
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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