The biggest hotel sale of the year
The 99-year leasehold of the Hilton Melbourne South Wharf has been sold.
In the biggest hotel sale of the year, the 99-year leasehold of the Hilton Melbourne South Wharf has been sold for $230 million.
The hotel was sold by HHR Conventions, partly owned by NY listed entity, REIT Host Hotels and partly owned by property developer, Plenary. The purchaser was Singapore-based, UOL Group, a public-listed property company involved in the development of residential units, office towers, shopping malls, hotels and serviced apartments. The company began its life in the early 60’s and has been led by Chairman Wee Cho Yaw since 1973.
The Hilton Melbourne South Wharf is a 5-star hotel comprising a ground floor lobby and retail space, a four-level podium and 396 rooms over 15 levels; it was completed in early 2009. In its fantastic position overlooking the Yarra River, and only a short walk to the CBD, the hotel is well positioned to cater for guests attending the next door Melbourne Convention Centre and the nearby Melbourne Exhibition Centre.
The hotel last traded in 2011 when a 75% interest in the leasehold was transferred at $137 million.