Top Investments & Events in Melbourne 2019 Top Investment & Events in Melbourne 2019 | Page 4

Pullman Melbourne on the Park sold to iProsperity Group (IPG) for $156 million
Mr Harper concluded, “Strong demand fundamentals are expected to continue to underpin the
Melbourne hotel trading market as well as investment in existing assets over the course of 2019.
Investment market conditions should also remain strong, however we note that despite these
favorable selling conditions an ongoing reluctance among owners of existing hotels to divest is
expected to remain. Therefore, any uplift in transaction activity is likely to be initiated by the
developers of the new supply pipeline.”
2. YOTEL Announces Plans For Australia And First
Flagship Hotel In Melbourne
The hotel group intends to disrupt the traditional hotel offering in Australia with a focus on key
gateway cities and airports.
YOTEL today announced its first hotel in Australia: YOTEL Melbourne, slated to open in 2022. The
hotel has been signed under a management agreement with Cornerstone Partners Group, an
integrated hospitality asset owner and developer with offices in Malaysia, Taiwan and Australia.
The 244-room property will be located on 63-69 City Road in Southbank – within walking distance
of Melbourne’s CBD, the Arts Precinct, Federation Square and the Melbourne Cricket Ground –
to name a few.