A near new purpose-built hotel in the Melbourne suburb of Ringwood has been acquired by Serene Capital.

The transaction was negotiated by JLL Hotels & Hospitality’s Nick MacFie and Peter Harper following a public Expressions of Interest sale campaign in conjunction with Stonebridge Property Group’s Rorey James, Justin Dowers and Kevin Tong.

Located at 96 Maroondah Highway, Sebel Melbourne Ringwood features 103 guest rooms and suites, Orchard restaurant and bar, conference and events space, a gymnasium and on-site car parking. Vacant possession of hotel management was offered as part of the sale.

Since opening in the midst of COVID, the hotel has set the benchmark for quality in the area, having been delivered to an exceptional standard by vendor and developer, Amber Property Group.

Rachael Brady, CEO, said “we are thrilled to be passing on this outstanding hotel to such an experienced operator who we know will do a fantastic job in harnessing the potential and really driving growth for the asset.”

Glen Boultwood, CEO and Co-Founder, Serene Capital added “Serene Capital is delighted to add what will be known as the Rydges Ringwood, as the 13th asset in its flagship hotel fund, Serene Capital Hotel Fund 1”.

The property is by far the best quality hotel in Ringwood and will withstand the test of time. We commend Rachael and her team for the professionalism is navigating the sale process to ensure it was concluded in a very efficient manner and for building to such a high standard.”

Serene Capital will undertake one final capital raise for this series of raises for Serene Capital Hotel Fund 1 which will close 30 September 2024. This will enable one further acquisition for the fund.

Norman Arundel, Director of Hotels and Resorts at EVT, spoke of his excitement.

"We're thrilled to announce the transformation of this quality asset into Rydges Ringwood, marking another exciting Rydges addition to Melbourne's hospitality landscape. Working in partnership with Serene Capital for the first time has been a rewarding experience, and we look forward to leveraging EVT’s hospitality and F&B expertise to enhance the value of this great property."

Glen Boultwood added, “We are delighted to work with EVT on this exciting opportunity and add them to the stable of operators we work with across our hotel portfolio.”

Nick MacFie, Vice President – Investment Sales said, “The sale process attracted almost 90 qualified enquiries and most groups recognised this is one of the highest quality suburban hotels in the country. With vacant possession of management available, investors had complete flexibility to leverage such strong real estate fundamentals and drive operational performance.”

Peter Harper, Managing Director & Head of Investment Sales – Australasia added, “This sale is another excellent outcome for the Melbourne hotel investment market, particularly the outer suburbs where hotel transactions are seldom, and demonstrates the ongoing capital depth for high quality opportunities.”

Nick and Peter of JLL Hotels & Hospitality’s Melbourne office noted the sale of Sebel Ringwood is the latest in a string of seven major hotel transactions the firm has undertaken across the city over the past 24 months, with a further $250 million plus of assets under offer.