- An improving Melbourne market has prompted the Ibis Budget Melbourne CBD hotel to come back on sale
- CBRE will steer an Expressions of Interest campaign
With COVID-19 restrictions easing across Melbourne, improving consumer and investor sentiment (in addition to a rising housing market) has driven 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 via an expression of interest campaign for the hotel, which was previously marketed in mid-2019.
Situated on Elizabeth Street, between Collins and Bourke Streets, the 3-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.”
“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.”
Scott Callow, CBRE
“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,” Mr Bunz concluded.