The settlement by Japan’s Daisho of the W Hotel (the hotel component of Collins Arch) in Melbourne’s CBD is now complete, forming part of Cbus Property’s $1.25 billion mixed use development which also includes 184 apartments and 49,000sq m of office space.
Known as W Melbourne, the luxury hotel at 408 Flinders Lane comprises 294 rooms across 15 levels and is scheduled to open in December 2020.
This record breaking deal was negotiated by Savills Australia.
According to Paul Craig, CEO of Savills Australia and New Zealand, this transaction further enhances Savills as absolute leaders in the investment marketplace.
"This significant hotel transaction follows on from the $1.476bn sale of 80 Collins Street, Melbourne (the largest brokered office deal in Australia's history), the $115m sale of 40-66 Lockwood Road, Erskine Park, Sydney and the $2.1bn+ transaction of the Urbanest portfolio (the largest student accommodation platform to transact in Australia’s history)."
According to Ian Hetherington, National Head, Capital Transactions at Savills Australia, “Collins Arch is a world class destination in the heart of Melbourne’s commercial, entertainment and shopping precinct and the W Hotel will supersede every other hotel in town, if not the country.”
Learn more about Savills Hotels.