Melbourne Luxury Hotel market is out-performing virtually all other markets in Australia

Melbourne Luxury Hotel market is out-performing virtually all other markets in Australia
Melbourne Luxury Hotel market is out-performing virtually all other markets in Australia

The Melbourne Luxury Hotel market is out-performing virtually all other markets in Australia, driven by record international and domestic tourist numbers, with significant further domestic and international inbound growth forecast, according to Tourism Research Australia (TRA).

Melbourne developer Argo Group has appointed Savills to market the turnkey opportunity of a brand new 93-room lifestyle hotel situated at 230 Toorak Road, South Yarra, one of Melbourne’s oldest and most affluent inner-city suburbs.

The listing comes with approved planning permit, with opening of the hotel proposed for mid-2019.

The Hotel is ideally positioned in the heart of the bustling suburb of South Yarra, on Toorak Road, at its intersection with the famous retail and leisure district of Chapel Street.

Designed by award-winning architects Woods Bagot, the lifestyle hotel will comprise 93 hotel rooms ranging in size from 26 sqm to 32 sqm across ground and six levels, as well as a signature ground floor bar and restaurant.

Delivery of the Hotel will be overseen by experienced project managers Construction Assignments, who have overseen numerous leading hotel projects across Australia, with leading Melbourne based construction firm Hickory being retained to build the hotel.

Michael Simpson and Tom Shadbolt of Savills Australia are marketing the property. They said this is an outstanding opportunity to acquire a highly coveted freehold title to a new lifestyle hotel that will outshine its rivals in design, technological advancement and customer experience.

“Melbourne has been independently voted as the world’s most liveable city for seven consecutive years," Simpson said.

"Combine this with a global reputation for design, fine dining, retail and leisure and the city has propelled itself to a ‘must-go’ destination for international travellers.

“Argo Group is offering to market an exclusive opportunity to gain exposure to Australia’s most desirable, most tightly held and most coveted hotel market, and the flexibility to appoint a preferred hotel operator with control over branding, market positioning and management terms.

“The design-led boutique Hotel will immediately appeal to discerning customers seeking high quality accommodation in the lively South Yarra district” Simpson concluded.

Savills have released their quarterly update on the hotel market. It can be found here.

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Melbourne Hotel Market

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