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Pan Pacific acquires Hilton Melbourne airport hotel.
Wednesday, 5th January 2011
Source : HVS International
Pan Pacific Hotels Group (Pan Pacific) has completed the acquisition of the 276-key Hilton Melbourne Airport Hotel for A$109 million (US$107 million) from owner Mulpha Australia Ltd.

The purchase price of the hotel, which was put on the market in early October, translates to US$388,000 per key, representing an approximately 9% discount from the asking price.

Pan Pacific has indicated that it has plans to convert the property to its Park Royal brand.

www.hvs.com

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