Friday, September 21, 2018

Melbourne’s Royce Hotel sale

St Kilda’s Royce Hotel has changed hands, with Melbourne owner Mazen Tabet and the Tabet Investment Group purchasing the freehold and business for a $55 million purchase price.

In addition to the 100-room hotel, the site also includes a restaurant and bar, conference & event spaces and an adjoining office building, with a net lettable space of 1125 square metres, with development approval for 67 added hotel rooms, an expanded ballroom, a roof top gym and ground-floor retail.

Rigby Cooke Lawyers is delighted to have assisted Mr Tabet with all legal requirements of the high profile acquisition, including extensive due diligence involving multiple groups across the firm, negotiation of the contract of sale and all completion matters. The Rigby Cooke Lawyers team was led by managing partner, Bill Karvela, property & hotels partner, Michael Gough, corporate and commercial partner, Julia Cameron and assisted by the firm’s property, commercial, hotels, and planning groups.

“Having worked with Mr Tabet closely throughout this deal, I am excited to see his vision for the Royce Hotel come to fruition. This is a strategic acquisition for the Tabet Investment Group and it adds to an already impressive hotel & pub portfolio,” said Mr Karvela.

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