The 5-star Shangri-La Melbourne hotel development has hit the market, with price expectations in the mid-$500 million range.
The luxury hotel will be set within a 60-storey, two-towered building connected by a 46th floor two-storey glass oculus skybridge.
The hotel development, which is under construction and scheduled for completion in 2023, will comprise 57,114 sqm of gross floor area on a park-front corner site.
Vendor S P Setia has listed the flagship hotel, located at 308 Exhibition Street, for sale through Colliers’ Gus Moors and Karen Wales and Deloitte’s Stephen Hynes and Paul Bartlett.
“This is a rare generational asset in one of the most culturally vibrant and desirable cities in the world, under the aegis of one of the world’s most prestigious luxury hotel brands: Shangri-La,” Moors said.
“The weight of global capital, seeking large scale, prime located hotel properties is immense at present.
“Investors will be drawn to the chance to own Melbourne’s finest property operated by Shangri-La, one of the world’s premier luxury hotel companies, renowned internationally for its outstanding hospitality service and the finest dining experiences.
“As hotels markets across the country move into rapid recovery mode, the timing of the delivery for the Shangri-La will see this 500-room property open at an ideal time in the hotel cycle.”
Hynes said amenities would include a range of bars and restaurants with alfresco dining, expansive conference facilities, a spa and wellness centre and an indoor heated swimming pool.
“Upon completion, Shangri-La Melbourne will incorporate an incomparable range of luxury accommodation choices, including approximately 500 spacious and well-appointed guestrooms, along with exquisite family rooms – the first of its kind in Australia – with Horizon Club guestrooms, Premier and Presidential Suites on its upper levels,” Hynes said.
“This is a once-in-a-lifetime opportunity to take ownership of a landmark project with a prestigious Melbourne CBD address overlooking the UNESCO Carlton Gardens.”
Moors said world class hotels such as the Shangri-La Melbourne would form a major part of the revitalisation of the Melbourne CBD.