Ibis Glen Waverley joins Novotel in hotel sale race

The 155-room Ibis Hotel Glen Waverley has had its expressions of interest campaign extended by three weeks, after failing to find a suitable suitor on a market full of reservations.

The hotel at 297 Springvale Rd features a cafe, restaurant and bar, conference facilities and a large business centre.

It is one of the first mid-scale major hotel offerings in Melbourne for the year, according to its agent, after joining Novotel Glen Waverley, which is expected to sell in excess of $150 million in a mammoth package offering.

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A foyer at the Ibis Glen Waverley.

“Existing and future demand will be underpinned by the growth of Monash University, business parks and the population in Melbourne’s south east,” CBRE Hotels agent Scott Callow says.

Operated by Accor, which also runs Sofitel, MGallery, Pullman and Novotel, the Ibis Glen Waverley has achieved a 40 per cent profit margin since its 2007 opening and has a prominent highway position.

CBRE Hotels director Wayne Bunz says Melbourne is traditionally renowned for absorbing new hotel supply.

The hotel also has a restaurant.

“The supply cycle follows a period of constrained demand in a market which enjoys a wide range of demand drivers, including conferences and events throughout the year, driving corporate and leisure demand on a seven-day-a-week basis,” Mr Bunz said.

“We consider it reasonable to expect the market demand will exceed new supply as has typically been the case in Melbourne.”

The Ibis Glen Waverley’s international expressions of interest campaign closes on June 5.

This article from the Leader Newspapers originally appeared as “Ibis Hotel joins Novotel on Glen Waverley market”.