The prestigious Ritz Carlton hotel portfolio is to be put on the market by Hong Kong’s Far East Consortium. The Ritz Carlton Melbourne and Perth locations, under the management of Marriott International and comprise 462 luxury hotel rooms, are set to be part of the deal.
CBRE Hotels’ Michael Simpson, Tom Gibson, Aaron Desange and Vasso Zographou, along with McVay Real Estate’s Dan McVay and Sam McVay, have been appointed to lead the sale.
Simpson said that the portfolio is positioned across two of the most desirable locations in Australia, which can offer a perfect geographical position.
“The two hotels have set the benchmark for luxury hospitality in Australia and are well positioned to capture the leisure and corporate markets in Melbourne and Perth, supported by the strength of the globally recognised Ritz-Carlton brand,” said Simpson.
Dan McVay said that the sale is a major opportunity amid the current demand for investment in luxury hotels. He added that there has been substantial construction cost inflation, and that it could be unfeasible to develop world-leading luxury accommodation in major Australian cities.
“These Ritz-Carlton locations represent the pinnacle of Australia’s luxury hotel market and are unlikely to see new competition for the foreseeable future,” said McVay.
The Perth location opened in 2019, which was the first development for Ritz Carlton in 25 years. The hotel is based in a riverside location, including 205 rooms, the Songbird Bar, a spa, restaurant amenities, and event space. The Ritz Carlton Melbourne is the most recent property, opening in 2020, with a level 80 sky-lobby, 257 guest rooms, restaurant and bar services, and a ballroom that can fit 550 seats.
