Travelodge hotel in Docklands sells for $107m
Listed Singapore property developer Sing Holdings has snapped up a Travelodge hotel in Melbourne’s Docklands for $107 million.
The 14-storey, 3.5 star hotel at 66 Aurora Lane, west of Southern Cross Station near Etihad Stadium, was sold by another Singaporean investor, the wealthy Kum family’s M&L Hospitality.
Sing Holdings said in a statement to the Singapore exchange it paid a $5.35 million deposit with the full $107 million payable in cash.
The hotel, which has 291 guestrooms, a lobby, restaurant, meeting rooms and business centre, opened in the building in 2010.
Colliers International’s Gus Moors, Neil Scanlan and Guy Wells negotiated the transaction.
Mr Moors said the hotel was well patronised by businesses in Docklands’ growing office sector and by sports fans attending events at Etihad Stadium.
The hotel’s management rights are held on a long term lease by TFE Hotels group which controls Adina, Medina, Rendezvous, Vibe, Travelodge and TFE Hotels Collection brands.
TFE is run by the Sydney-based Toga Group and the Singapore-based Far East Hospitality Holdings.
Melbourne’s CBD, including Docklands, had a full year occupancy rate last year of 86.5 percent and an average room rate of $206, STR Global figures show.