Limited service hotel in the burgeoning Docklands precinct.
Colliers International has negotiated the sale of the Travelodge Docklands at 66 Aurora Lane, Melbourne on behalf of M&L Hospitality to Sing Holdings Limited.
The transaction was negotiated by Gus Moors, Heads of Hotels, Neil Scanlan, National Director, and Guy Wells, Associate Director, from Colliers International.
“Located in the thriving Docklands precinct, the Travelodge Docklands is a limited service hotel with broad appeal to the tourism and office markets,” said Gus Moors, Head of Hotels at Colliers International.
“Limited service hotels offer lower business risk profile and lower reliance on upgrade expenditure compared to full service hotels.”
The hotel opened in February 2010 and comprises 291 guestrooms over ground plus fourteen levels.
The Travelodge Docklands is operated by TFE Hotels, one of Australia’s largest hotel companies. The company is jointly owned and operated by the Sydney based Toga Group and the Singapore based Far East Hospitality Holdings. TFE operates hotels across Australia, New Zealand and Europe.
Melbourne is Australia’s fastest growing capital city, with a population of some 4.5 million. Benefitting from world class educational institutions and two major airports, the city has one of the strongest accommodation markets in Australia. According to STR Global, the full year 2015 occupancy for the Melbourne CBD (incorporating Docklands) was 86.5%, and the average rate $206.