Novotel Glen Waverley sells for $73.6 million
The Novotel Melbourne Glen Waverley, one of Melbourne’s best performing hotels, has exchanged hands for a cool $73.6 million.
The four-star hotel at 285 Springvale Road, Glen Waverley, Vic 3150 went to the market in September 2016 through an expressions of interest campaign managed by Colliers International.
The hotel comprises 200 upscale rooms, a bar and restaurant, meeting space, gym, indoor pool and parking for nearly 100 cars.
It is currently leased to leading hotel operator Accor Asia Pacific under a triple net lease expiring in July 2018.
Situated within the Glen Waverley Activity Centre and surrounded by the retail precincts of the Glen Shopping Centre, Century City Walk and Kingsway, the hotel benefits from the broad base of accommodation drivers within the City of Monash.
Although the deal value was not disclosed, the Australian Financial Review had reported that the transaction was worth $73,666,666.66. The buyer is investment manager iProsperity, which handles Asian investment and the number is considered lucky by Asian investors.
The selling agents were Gus Moors, Guy Wells and Neil Scanlan of Colliers.
“The Novotel Melbourne Glen Waverley is widely regarded as one of Melbourne’s strongest performing metropolitan hotels due to its ability to capitalise on the broad-based activity within the City of Monash, which is the second largest employment region in Melbourne, after the CBD,” Moors said at the time the hotel was up for sale.
