Hilton Melbourne Airport hotel on market for US$118m

MELBOURNE The 276-key Hilton Melbourne Airport has been put on the market by its owner, Sydney-based Mulpha Australia Ltd.

CB Richard Ellis Hotels and Jones Lang LaSalle Hotels are representing the seller. The asking price is A$120 million, or about US$428,000 per key, with a targeted closing date of this month.

 The 4.5-star property, located opposite the airport and above a parking garage, is available with vacant possession. The hotel boasts a cafe, restaurant and bar, gymnasium, swimming pool and business center.