The recently opened Vibe Hotel in Melbourne has reported sold off-market
Vibe Hotel Melbourne sold for c. $108m off-market
206-key hotel opened in April
Operated by TFE Hotels and was developed by Caydon
Thai based group, Sino-Pacific Trading, has reportedly purchased the recently opened Vibe Hotel in Melbourne for approx. $108m.
This follows their recent purchase of the 145-key Vibe Hotel in Sydney, also for $108m.
The Vibe Hotel Melbourne opened in April and features 206-keys, a restaurant & bar, conference facilities, gymnasium and indoor swimming pool. It is operated by TFE Hotels and was developed by Caydon.
Mr Russo of Caydon said, “The Property is a fantastic addition to the Melbourne hotel market and will quickly become the pre-eminent upscale offering. We are very proud to deliver another quality hotel".
The deal was brokered off-market by JLL Hotels & Hospitality Group’s Peter Harper and Craig Collins.
"This is the first sale of a major operating Melbourne CBD hotel for several years," Mr Harper said.
"Most investors recognise that relative to the size of the market, Melbourne hotels are incredibly tightly held, and regardless of the environment they need to act decisively to secure high-quality opportunities when presented."