MELBOURNE, AUSTRALIA Pan Pacific Hotels Group has acquired the 276-key Hilton Melbourne Airport Hotel for A$109 million (US$107 million) from owner Mulpha Australia Ltd.
Pan Pacific plans to convert the property to its Park Royal brand.
The purchase price of US$388,000 per key represents about a 9% discount from the asking price. The hotel was put on the market in early October.
“Disposal of Hilton Melbourne Airport Hotel crystallizes the embedded asset value in this investment, which has significantly appreciated in value since the acquisition in 2004,” says Mulpha International Chairman Lee Seng Huang.