Canadian developer Brookfield Property Partners LP is divesting the 419-room Pullman Melbourne On The Park hotel, with hopes of raking in north of A$200 million from the sale, The Australian Financial Review reported.
Formerly known as Hilton on the Park, the property managed by AccorHotels at 192 Wellington Parade, opposite the Melbourne Cricket Ground in the city, also features 18 conference and meeting rooms, a business center, gymnasium, swimming pool, and a new lobby bar and restaurant.
JLL Hotels & Hospitality Group and McVay Real Estate will market the Pullman-branded hotel. The expression of interest campaign for the asset will close March 15, according to the Feb. 4 report.
The publication noted that the proposed sale of the Pullman-branded hotel, considered as the biggest hotel listing in Australia so far in 2018, is the latest in a number of notable hotel transactions in the city. Among the hospitality assets to change hands in Melbourne are the 396-room Hilton South Wharf that was acquired by Singapore-listed UOL Group Ltd. for A$230 million in March 2017, the new W Hotel that was purchased by Japanese developer Daisho Co. Ltd. under a A$220 million deal in February 2017, and the Sheraton Melbourne that was reportedly sold to Qatar Airways for an estimated A$135 million.
