Novotel Melbourne

A monster property including the Novotel Melbourne Glen Waverley hotel site is up for grabs and could smash the city’s suburban price record.

French giant AXA Investment Managers-Real Assets has forged into the local hotel market, buying a four-strong portfolio in Sydney and Canberra for $330.4 million.

Two regional sales have been struck in NSW and Queensland, with property fund manager MPG Funds Management buying a Bunnings for $44.65 million and Shakespeare Property buying a Sunshine Coast resort and land parcel for about $100 million. 

Melbourne-based Shakespeare Property Group has swooped on the Novotel Twin Waters Resort on Queensland’s Sunshine Coast for about $100 million.

Room rates in Melbourne’s aggressively expanding hotel market have declined over the past two months due to the increase in hotel stock and the high quality of Airbnb stock located near the CBD.

Chinese-backed investment firm iProsperity Group has pushed further into the Australian market, swooping on a shopping centre in suburban Melbourne in a deal worth $45 million. This article originally appeared on theaustralian.com.au/property.

The Singapore-listed Frasers Hospitality Trust has forged into the Melbourne hotel market with the purchase of the Novotel Melbourne on Collins from US giant LaSalle Investment Management. This article originally appeared on theaustralian.com.au/property.