Melbourne's strong hotel market has motivated developer Argo Group to list a brand new lifestyle hotel for sale in South Yarra.
Located on 230 Toorak Road, the developer has an approved planning permit for a 93 room, six-storey hotel designed by architect's Woods Bagot.
The site is expected to sell for around $55 million.
The developer appointed Savills Australia's Michael Simpson to market the asset.
“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."
Tourism Research Australia’s 10-year forecast provided a positive outlook for continued growth in Melbourne's hotel market with international visitor nights and domestic visitor nights expected to grow at 5.6 per cent and 3.1 per cent annually respectively.
The performance of Australia’s hotel sector was modest in the first half of 2017, with room occupancies averaging 68 per cent on the back of 0.3 per cent growth.
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