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Langham checks into Observatory Sydney
Langham Hospitality Group has secured its first flag in Sydney with the acquisition of The Observatory Hotel, which is scheduled to become part of the Langham group in August.
"Strategically, this purchase signals the group’s plans for long-term expansion in the Pacific region," said Brett Butcher, chief executive of Langham Hospitality Group.
Sellers of The Observatory are Orient-Express Hotels Ltd, owners or part-owners and managers of 46 luxury hotel, restaurant, tourist train and river cruise properties operating in 23 countries
Meanwhile Tourism Asset Holdings Limited (TAHL) has retained CBRE to market the Novotel Melbourne St Kilda
CBRE is selling the property by Expressions of Interest closing July 26.
TAHL chief executive Matthew Eady said there had been significant unsolicited interest in the property, given its premier location, strong ongoing cash flow and attractive alternate use as a residential development.
"Given the strength of investor and developer interest, we have decided to consolidate that into a formal sales campaign," Eady said.
The management agreement has a further nine years to run, when vacant possession of the hotel will be available.
The marketing campaign is being led by senior director Wayne Bunz of CBRE Hotels, and CBRE associate director Mark Wizel.
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