97-103 Elizabeth Street Melbourne VIC 3000

Cushman & Wakefield and CBRE are pleased to present for sale 97-103 Elizabeth Street, Melbourne IBIS Budget Melbourne CBD.

The IBIS Budget Melbourne CBD represents an exceptional opportunity to - enter the highly sought after Melbourne hotel market with a -robust performing CBD 3.0 Star Hotel in a strategic inner city location. The 146-room hotel with its associated facilities provides a potential investor with short-term secure income whilst also providing a possibility for significant refurbishment and value-add future opportunity.

- Prime Melbourne CBD location along one of Australia's best-known addresses, situated between Collins and Bourke Street.
- Operated by Accor Hotels, Australia's largest hotel management company featuring 5,584 locations in over 110 countries.
- 146 guest room hotels with 3.0-star rating, 24-hour reception, food, and beverage outlets.
- Tightly held Melbourne hotel market experiencing strong rebound since COVID lockdowns with majority of new stock around 4.0-5.0-star market strongly lifting the demand for budget accommodation within the Melbourne CBD.
- Recent capex spent over the past few years which includes significant refurbishments including the replacement of lifts.
- Favourable management agreement for incoming purchaser with opportunity to refurbish and value-add upon completion of agreement whilst benefitting from short-term secure income.
- Prime student accommodation or co-living value-add opportunity in an economic landscape whereby the demand for housing is currently not meeting supply.
- Significant capital growth opportunity to create a Melbourne hospitality icon through refurbishment and refreshment program and increase rate per night charged.

*Approx.

For Sale by International Expressions of Interest Closing Thursday 14 November 2024 at 12pm (AEDT).

For further information or to arrange an inspection of the property please contact the Cushman & Wakefield or CBRE teams as conjunctional selling agents:

Cushman & Wakefield

Daniel Wolman | +61 412 957 839
Oliver Hay | +61 419 528 540
Leon Ma | +61 417 070 725

CBRE

Wayne Bunz | 0419 698 640
Scott Callow | 0418 153 606