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Chinese investors eye Melbourne hotels
The Oaks on Lonsdale Serviced Apartments complex in Melbourne is to be offered for sale via an international expressions of interest campaign.
The campaign is expected to generate significant interest, predominantly from South East Asian and Chinese investors looking to gain a foothold in the Australian hotel market.
It follows the announcement last week that the Park Hyatt Melbourne had been sold to China’s Fu Wah International Group in its first significant foray into the Australian property market.
Wayne Bunz and Rob Cross of CBRE Hotels have been appointed to sell the freehold interest in the property on behalf of receivers.
"Melbourne is considered a priority destination for foreign capital into Australia," Bunz said.
"Without exception, global investors, particularly South East Asian and Chinese buyers, will not enter other Australian markets until they have made an initial acquisition in either Sydney or Melbourne – the capital city with the strongest revenue per available room growth during 2013."
Completed in 2007, the 4.5 star Oaks on Lonsdale has 148 guest rooms, the majority of which are one and two bedroom apartments.
The property is currently operated under a lease to Oaks Hotels & Resorts (Vic) Pty Ltd.
The international Expressions of Interest campaign closes February 27.
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