Frasers Hospitality Buy Novotel Melbourne on Collins

Date: October 2016

Location: Melbourne, Victoria, Australia

Name: Novotel Melbourne on Collins, four star

No. of keys: 380

Seller: LaSalle Opportunity Fund, advised by King & Wood Mallesons and handled by JLL. LaSalle bought the hotel in 2012, with the adjoining Collins Street Mall, for AUD204, from Thakral Holdings.

Buyer: Frasers Hospitality Trust, advised by Baker McKenzie

Price: Aud237m

Price per key: AUD623,684

THPT Comment: We are seeing real consolidation in Australia, with Accor being the largest Hotel group in the country, especially with the recent acquisition of Mantra. FHT owns a portfolio of 15 assets. Frasers Hospitality has grown from two flagship properties to a global portfolio of  brands – Frasers, Modena, Capri, Hotel du Vin and Malmaison across Asia, Australia, Europe and the Middle East. Including those in the pipeline, the portfolio stands at 148 (the additional numbers being franchised?) serviced and hotel residences, with 23,600 keys, in more than 80 cities worldwide (as of August 2017).

First Seen: The Australian Newspaper