The hotel component of Cbus Property's $1.25 billion Collins Arch development in Melbourne's CBD has been sold for an undisclosed amount to Japan's Daisho Development.
Known as W Melbourne, the luxury hotel at 408 Flinders Lane comprises 294 rooms across 15 levels and is scheduled to open in December 2020.
The surrounding mixed-use development also includes 184 apartments and 49,000 square metres of office space.
Source: Savills
W Melbourne - At a glance:
- 408 Flinders Lane Melbourne
- 294 guest rooms
- 29 suites, including four spacious WOW Suites
- Signature restaurant for only 30 diners and a private dining room for 10
- State-of-the-art fitness facility and a gold-roof adorned indoor pool with poolside bar and DJ booth
- Nearly 830sqm of ultra-modern conference, meeting and event space
This record breaking deal was negotiated by Savills Australia.
According to Paul Craig, CEO of Savills Australia and New Zealand, this transaction further enhanced Savills as leaders in the investment marketplace.
"This significant hotel transaction follows on from the $1.476bn sale of 80 Collins Street, Melbourne (the largest brokered office deal in Australia's history), the $115m sale of 40-66 Lockwood Road, Erskine Park, Sydney and the $2.1bn+ transaction of the Urbanest portfolio (the largest student accommodation platform to transact in Australia’s history)," he said.
Source: Savills
Ian Hetherington, National Head, Capital Transactions at Savills Australia, said the hotel would be highly regarded within Melbourne's accommodation sector.
“Collins Arch is a world class destination in the heart of Melbourne’s commercial, entertainment and shopping precinct and the W Hotel will supersede every other hotel in town, if not the country”.
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