Melbourne’s landmark Park Hyatt hotel has been purchased by China’s Fu Wah International Group in its first significant foray into the Australian property market.
Regarded as one of Melbourne's leading hotels, the sale involves both the 240 room, five-star Park Hyatt hotel and an adjoining commercial car park.
Originally developed in 1999 by Lustig & Moar at a cost of $150 million, the hotel incorporates the award winning Radii Restaurant & Bar, several lounges, a ballroom, business centre and six additional function rooms. Other facilities include the Park Club Health & Day Spa, a 25 metre indoor pool and an outdoor tennis court.
The purchase continues a wave of recent Chinese investment into the Australian property market, with much of the recent activity having centred on investment and development opportunities in Melbourne.
Melbourne recorded the strongest revenue per available room (RevPAR) growth of any of the Australian CBD markets during 2013.
Fu Wah President Mr Chiu Yung said; “Fu Wah is pleased to make this investment into one of the landmark hotel properties in Melbourne. The acquisition adds to our ongoing investment into premier hotel and service apartment properties in China and the wider region."
The Fu Wah International Group is based in Hong Kong and has interests in real estate development, hospitality and cultural services. The group’s existing property portfolio includes the Regent Beijing hotel, the Park Plaza Wangfujing hotel, the Sandalwood Beijing Marriott Executive Apartments, Lee Garden Service Apartments as well as China Red Sandalwood Museum and the Chang An club in Beijing.
Wayne Bunz, Senior Director of CBRE Hotels, Australia, and Anton Eilers, Executive Director of CBRE China brokered the off-market transaction between Singapore’s GIC and the purchaser.