The Marque Hotel Melbourne, one of Melbourne's more stylish hotels, has been acquired by a private property investor for $18.25 million.
Jones Lang LaSalle Hotels' Mr Mark Durran, Executive Vice President – Investment Sales, negotiated the sale of the hotel on behalf of its local Melbourne-based owner.
The vacant possession sale represented a yield of approximately 7% and the hotel will be rebranded Urban St Kilda.
"Located in the prime café precinct of Fitzroy Street in the vibrant beachside suburb of St Kilda, the award winning deluxe boutique hotel opened in mid 2003," said Mr Durran.
The property features 80 guest rooms, a gymnasium, conference and meeting rooms, a licensed bar, café and restaurant, as well as a 40-bay undercover security car-park.
Melbourne remains a hotel investment hotspot and Mr Durran says "Occupancy rates in the city remain high, often exceeding 80% whilst average room rates are growing at 6%-9% per annum." He added, " Hotel demand should be boosted further with additional budget airline capacity to Melbourne from Tiger Airways."