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Vicinity picks AccorHotels for A$130M hotel in Melbourne

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Vicinity picks AccorHotels for A$130M hotel in Melbourne

Vicinity Centres said its planned 13-story hotel adjacent to its Chadstone Shopping Centre in Melbourne will operate under AccorHotels's MGallery by Sofitel brand.

The developer said the 250-room hotel at Chadstone will be built early 2018 for a late 2019 opening. The forecast initial yield on the project is at least 6%, which is expected to top 8% once it is stabilized on its third year.

CEO and Managing Director Angus McNaughton said the hotel is part of the shopping mall's evolution into a mixed-use lifestyle and entertainment center.