Listed for sale: Melbourne’s newest lifestyle hotel, lyf Collingwood
The purpose-built 105-room hotel is located just minutes from trendy Smith Street, voted the Coolest Street in the World in 2021
Melbourne’s newest co-living lifestyle hotel, lyf Collingwood Melbourne, has been listed for sale by prominent Melbourne developer Urban.
The 105-room hotel opened in 2022 and forms part of a mixed-use development, containing boutique office spaces and two restaurants operated by some of Australia’s most reputable food and beverage operators. It also incorporates 35 apartments which are not included in the sale.
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Located in the heart of the trendy inner-city suburb of Collingwood, the hotel is just minutes from the famed Smith Street – voted the Coolest Street in the World in 2021 by Time Out.
The purpose-built hotel offers stylish rooms among a range of shared amenities, including a communal kitchen, social lounge and guest laundry. The property will be offered for sale encumbered by a lease to one of Asia-Pacific’s largest hotel groups, The Ascott Limited, under their co-living brand lyf.
CBRE Hotels’ Tom Gibson, Michael Simpson and Scott Callow and Gross Waddell ICR’s Danny Clark, Michael Gross and Glenn Ye are managing the sale via an Expression of Interest Campaign closing October 5, 2023.
“This is an excellent opportunity to secure a brand-new hotel asset in one of Australia’s best performing RevPAR markets, leased to one of Singapore’s largest hospitality companies, The Ascott Limited,” Mr Gibson said.
“Melbourne has proven its resilience as a hotel market in 2023, emerging as one of Australia’s strongest RevPAR growth markets after a 30.8 percent increase for the year-to-date through July 2023 when compared to the same period through 2022,” Mr Gibson added.
Mr Clark added, “Collingwood is one of Melbourne’s most popular destinations and is in the heart of a booming commercial, residential, medical, education and culinary precinct. Coupled with the secure lease tenure to a global accommodation powerhouse, this investment offers security and longevity for astute investors.”
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