Elanor ¬Investors Group has acquired the Bell City Hotel and conference centre in Preston, Victoria for $142.875 million from Asian Pacific Group.
The hotel was developed by the Deague family out of a hospital with 828 rooms and serviced apartments, student accommodation, retail and meeting facilities. It includes the Rydges Hotel.
The site has development approval for twin 14-storey towers with 400 apartments.
Elanor recently purchased a share of City Hotel in Sydney with Mantra for $21 million, and has the Hotel Ibis Styles at Eagle Hawk in Canberra, the Mantra Wollongong and Peppers Cradle Mountain Lodge.