Date: October 2018
Location: Yarra Valley, Victoria, Australia
Name: Voco, Yarra Valley – opening 2021
No. of Keys: 170
Seller: The Yarra Valley hotel will be built on a large block at 486 Maroondah Highway near Lilydale.
Buyer: IHG’s hopes to strengthen its offer in the $40 billion upscale hotel segment through its brand, which it expects to grow by a further $20 billion by 2025.
Barnes Capital, headed by director Martyn Barnes, is developing the hotel complex.
The building itself, described as a “quirky design”, will stand six-storeys at one end narrowing down to one-storey at the opposite end and will feature a lavender farm, mirrored maze, and amphitheatre.
The accommodation will also offer 20 cabins to Yarra Valley visitors.
“As one of Australia’s premier wine regions, the last thing people want when they arrive in Yarra Valley is a vanilla experience,” Barnes said.
The IHG partnership builds upon the $200 million Holiday Inn, designed by architects Hachem, planned for Melbourne’s 737 Sydney Road Coburg.
Barnes Capital is involved with a number of development projects including $55 million “Spectra” at 219 Thomas Street Dandenong, “The Precinct” a mixed commercial and residential offering in Truganina, and a luxury 12-townhouse offering at 878 Bridge Road Doreen.
The announcement marks the first major hotel in the region, famed for its Chardonnay and Pinot Noir.
IHG Australasia senior development director Abhijay Sandilya said the partnership with Barnes on the Yarra Valley offering marks Voco’s second signing.
“It continues IHG’s ambition to take our brands into regional markets, including suburban micro-markets close to Australian capital cities.”
IHG launched the 4.5 star Voco brand in June 2018 with the first signing for the brand in Australia.
Price per Key: AUD$705,882
THPT Comment: Great – wine mixed with IHG’s new brand.
First Seen: The Urban Developer