Far East Consortium list Ritz-Carlton portfolio
Far East Consortium is capitalising on post-COVID demand for Australian hotel investments, listing Ritz-Carltons in Melbourne and Perth.
The Hong Kong based group will tip proceeds – expected to surpass $500 million – into other investments and its development pipeline.
The marketing agents, CBRE’s Michael Simpson, Tom Gibson, Aaron Desange and Vasso Zographou with McVay Real Estate’s Dan McVay and Sam McVay, are marketing the 5-star properties separately though they could sell in one line.
All up they offer 462 rooms.
The listing comes six weeks since FEC in a partnership with Star Entertainment sold the Gold Coast’s Sheraton Mirage for c$192m – an impressive rise on the $140m price it paid in 2017.
Also this quarter, Salter Brothers acquired Adelaide’s Sofitel for $154m while WellSmart Group snapped up a dual branded ibis and Sofitel in Melbourne for c$170m.
Earlier this year, meanwhile, Andrew Forrest settled on the purchase of Australia’s first Waldorf Astoria, which will form the top levels of Sydney’s One Circular Quay tower being developed by Lendlease and Mitsubishi Real Estate Australia.
The offerings
Opened in March, the Melbourne asset spans the top 17 storeys of an 80 level tower at West Side Place, which is replacing the ex-The Age headquarters at 250 Spencer Street (story continues below).
With 257 suites, this property also includes a 550-seat ballroom, restaurant, leased to Atria, bars, a pool, fitness centre, spa and event space.
The Perth venue, meanwhile, like Melbourne, part of a mixed use building also with apartments, overlooking Elizabeth Quay at 1 Barrack St, contains 205 guest rooms, the Songbird Bar, Hearth restaurant and a gym.
When it opened in 2018, this hotel marked the Ritz-Carlton brand’s return to Australia after a 15 year hiatus.
Owned by Marriott, the world’s largest hotel operator, the brand will later this year open at Brisbane’s Queen’s Wharf.
Another venue is mooted at Main Beach’s Mariners Cove on the Gold Coast, to be developed by Melbourne’s Pelligra Group and the Giannarelli family.
A Sydney guesthouse is also planned.
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