Holiday Inn Melbourne Airport sold by IHG through JLL
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Holiday Inn Melbourne Airport sold by IHG through JLL
IHG completes the sale through Peter Harper of JLL Hotels & Hospitality of Holiday Inn Melbourne Airport Hotel leasehold sold to Pelligra Group
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IHGThe leasehold to Holiday Melbourne Airport has been sold by IHG to the Pelligra Group
IHG has successfully completed the sale of its leasehold interest in the Holiday Inn Melbourne Airport property, negotiated by Peter Harper of JLL, to Pelligra Group, owners of upcoming Holiday Inn Melbourne Werribee and Holiday Inn Melbourne Richmond.
The decision supports IHG’s global asset-light strategy, which ensures its business model is focused around what it does best: franchising and managing hotels, with its business partners owning the bricks and mortar.
Since 2003 IHG has completed the sale of almost 200 hotels globally as part of its move to an asset-light business model, and the sale of the Holiday Inn Melbourne Airport lease continues that global approach.
As part of the sale, Pelligra Group has agreed that they will invest in a major refurbishment of this hotel over the coming years, bringing it in line with the best of the Holiday Inn brand.
Abhijay Sandilya, Vice President Development, Australasia, Japan & Pacific. Photo: IHG
“We are particularly thrilled to expand our partnership with Pelligra Group," said Abhijay Sandilya, Vice President Development, Australasia, Japan & Pacific.
"We have a fantastic relationship and together we will open Holiday Inn Melbourne Werribee in 2021 and Holiday Inn Melbourne Richmond in 2023.
"We’re pleased that the deal means that we not only continue to support IHG’s global strategy, but that the iconic Holiday Inn Melbourne Airport will benefit from a refurbishment.”
Ross Pelligra, Chairman of Pelligra Group, said they were very excited to welcome a high performing hotel like Holiday Inn Melbourne Airport to the Pelligra Group.
Ross Pelligra, Chairman of Pelligra Group. Photo: Pelligra Group
"It’s a fantastic asset that fits perfectly into our portfolio," said Mr Pelligra.
"This is a long term investment for us.
"We have a strong balance sheet and we are committed to keep the hotel trading through the current challenging period and into Melbourne Airport’s new era of expansion, which will include an extensive refurbishment for this great hotel.
"IHG is a great partner and we are so pleased to work together on so many great projects."
Negotiated by JLL Hotels & Hospitality’s Executive Vice President and Head of Victoria, Peter Harper, the Holiday Inn Melbourne Airport is ideally located on the doorstep of Melbourne Airport and has excellent connectivity to all four terminals together with the ever-expanding commercial, logistics and leisure activities in the wider precinct.
It features 207 guest rooms along with a restaurant and bar, five conference rooms and a large car park.
"The invitation-only EOI sale process attracted multiple bids with the eventual purchaser being Pelligra, one of the country’s most successful commercial, industrial and residential developers and investors," said Mr Harper.
"They intend to leverage their refurbishment capabilities and growing hotel portfolio with the development of IHG branded properties underway in Werribee and Richmond."
This sale comes after JLL's negotiated sale with Yeh's Hotel Group of Ibis Little Bourke Street.
IHG currently has 52 hotels operating under five brands in Australasia, including: InterContinental, Crowne Plaza, Holiday Inn, voco, and Holiday Inn Express, with another 37 in the pipeline, including Hotel Indigo.
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