- Action Hotels Group has listed three Melbourne properties for sale
- CBRE Hotels Team are appointed to run an Expression of Interest Campaign
- Expressions of Interest campaign closes March 9, 2021
Kuwaiti-owned Action Hotels Group has listed its three Melbourne properties for sale in Australia’s first major hotel portfolio offering for 2021.
The listing following Action Group’s divestment of the Ibis Styles Brisbane in late 2018.
“For some time we have been fielding a number of unsolicited offers for the portfolio both direct and from intermediaries. Given the strength and depth of capital in the market and the impending tourism recovery, we felt that it was a good time to approach the market in a coordinated way,” said Action Group’s Andrew Nehme.
The Action Hotel Group assets will be available separately or in-one-line, providing a total of 575 guest rooms.
The three properties include the recently completed 347-room Novotel Melbourne South Wharf (feature image), the 155-room Ibis Glen Waverly and the 73-room Ibis Budget Melbourne Airport Hotel (located within the Melbourne Tullamarine airport precinct).
Following a successful campaign from last year (which resulted in the $180 million portfolio sale of 17 Ibis-branded hotels to Iris Capital), the CBRE Hotels Team has been exclusively appointed to steer the Expressions of Interest campaign for the managed assets this year.
CBRE Hotels Managing Director Michael Simpson noted; “The portfolio provides a spread of accommodation types to suit investor demand, with 4.5, 3.5 and budget 2.0 star corporate and leisure hotels in CBD, metropolitan and airport locations.”
CBRE Hotels’ Wayne Bunz noted that Australia is currently viewed as a safe-haven for international investors, underpinning how well the nation has handled the COVID-19 pandemic (research from JLL also confirms Australia as an attractive real estate investment destination, briefly discussed in this article).
“Australia is expected to be a key beneficiary of inbound capital once borders reopen, with investors seeking to capitalise on a market rebound and Melbourne regaining its position as the country’s events’ capital.”
The Melbourne Expressions of Interest campaign closes on March 9, 2021.