Hong Kong-based private equity firm Gaw Capital Partners is understood to be close to signing a deal with Elanor Investors Group for its over A$160 million acquisition of the Bell City Hotel mixed-use property in Melbourne, The Australian reported.
Bell City Hotel, according to the publication, has a four-star hotel and a three-star student accommodation that are operated by Mirvac Group and Breakfree. It also includes a site that can be redeveloped into a new complex that can accommodate 377 apartments, 520 car park slots and commercial space.
Elanor, which bought the property in 2014 for north of A$142 million, is divesting the 844-room asset with the help of JLL, the May 24 report noted. The A$1.1 billion real estate fund first flagged the asset sale in September 2017, with expectations of raking in at least A$180 million.
