Hotel for Sale – Ibis Melbourne Hotel & Apartments
One of Melbourne’s most prominent mid-scale hotels, the Ibis Melbourne Hotel & Apartments, comes to market in a sale campaign that’s expected to draw wide ranging attention from the hotel and living sectors.
JLL Hotels & Hospitality’s Peter Harper and Nick MacFie, together with JLL Alternative Investment’s Simon Quinn have been exclusively retained to market the property by way of an Expressions of Interest campaign.
Key Features
- 250 rooms (comprising 40 two-bedroom apartments, 50 one-bedroom apartments and 160 standard rooms)
- meeting facilities
- restaurant & bar
- basement carparking
- 1,504sqm freehold site with a Capital City Zone
- offered with vacant possession of management
Situated on Therry Street in the burgeoning northern end of the CBD, the property benefits from adjacency to key demand drivers including RMIT and Melbourne University, the Biomedical Precinct, and Queen Victoria Market. The balance of the CBD is easily accessible via the free tram network, while the new State Library Metro Station is located just a short walk away.
“The Ibis Melbourne Hotel & Apartments boasts exceptional real estate fundamentals, including being quite a rare freestanding freehold asset, with its built form characteristics offering considerable upside potential through a refurbishment and repositioning strategy or conversion to an alternative use,” said Peter Harper, Managing Director & Head of Investment Sales.
He added, “Arguably two of the most active capital sources across the real estate spectrum at present are hotel investors looking for genuine value-add plays, or the plethora of living sector investors who have raised significant capital for deployment into BTR, co-living and student accommodation assets. There’s no doubt hotel investors will love the many different ways you could take this property, whilst the living sector will be appealed to the speed in which you could bring a product to market and add scale to a portfolio.”
The property is owned by Iris Capital who acquired it as part of the 17-asset AccorInvest Portfolio in 2021. Chief Executive Officer, Sam Arnaout, said “Our group has evolved considerably in the past couple of years headlined by major development projects in Newcastle and the Gold Coast. With no intentions to expand in Victoria, it made sense to capitalise on investor interest and re-direct the proceeds into the core focus and future of our business.”
