60-storey luxury hotel Shangri-La Melbourne hits the market with $500m price tag

A rendering of the twin towers at the luxury 60-storey hotel Shangri-La Melbourne, which is being built at 308 Exhibition St.

A 60-storey luxury hotel in Melbourne’s CBD is set to hit the market with an eye-watering $500m asking price.

Shangri-La Melbourne, a two-towered building connected by a 46th floor two-storey glass oculus skybridge, is being constructed on a 4,140sq m site at 308 Exhibition St, Melbourne.

Owned by Malaysian property developer S P Setia, the 500-room hotel will be located in the taller tower overlooking the Carlton Gardens and Royal Exhibition Building.

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Builder Multiplex is scheduled to complete construction next year with the five-star hotel anticipated to open in early 2024.

Shangri-La Melbourne will be offered for sale via an invitation-only international expression of interest campaign closing 2pm April 28.

S P Setia has appointed Gus Moors and Karen Wales from Melbourne Colliers and Stephen Hynes and Paul Bartlett from Deloitte to market the hotel, which will have 57,114sq m floor space.

The twin towers of the Shangri-La Melbourne will overlook Carlton Gardens.

Construction of the luxury hotel is underway at 308 Exhibition St, Melbourne.

Mr Moors said the hotel development – which has an asking price of “about $500 million” – has already attracted interest from investors based in Southeast Asia, the United States and Middle East, along with domestic business groups.

He said the hotel’s guestrooms will have a 50sq m average size with a couple of the bigger penthouses being about “six bays” – equating to about six guestrooms in size each.

Mr Moors said the hotel would also feature a ballroom of nearly 900sq m, extensive conference facilities, a day spa, health spa and club, an indoor heated swimming pool, bars and restaurants with alfresco dining.

Building the hotel is well underway, with completion expected next year.

The Royal Exhibition Building in Carlton, which the hotel will have views of. Picture: Mark Stewart

“There is also the spectacular skybridge, there is nothing like that in Melbourne,” he said.

The skybridge will have panoramic 360-degree views of the Melbourne CBD skyline to Port Phillip Bay.

“This architectural wonder is destined to become a Melbourne landmark for decades to come,” Mr Moors said.

He said the hotel would contribute to Melbourne’s revitalisation following Covid-19.

“The city’s hotels will welcome domestic and international tourists back to celebrate Melbourne’s world class events calendar and accommodate corporate demand as the city recovers and expands,” Mr Moors said.

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